4. based on the expected value, should you play this game? o no, since the expected value is negative, you…

4. based on the expected value, should you play this game? o no, since the expected value is negative, you would be very likely to come home with less money if you played many games. o yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games. o no, this is a gambling game and it is always a bad idea to gamble. o yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. o yes, because you can win $7.00 which is greater than the $10.00 that you can lose. hint: video on expected value +

4. based on the expected value, should you play this game? o no, since the expected value is negative, you would be very likely to come home with less money if you played many games. o yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games. o no, this is a gambling game and it is always a bad idea to gamble. o yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. o yes, because you can win $7.00 which is greater than the $10.00 that you can lose. hint: video on expected value +

Answer

Brief Explanations:

The expected - value concept in probability and statistics is used to decide whether to play a game. If the expected value is positive, over many plays, one is likely to gain money; if negative, likely to lose. Here, we need to consider the sign of the expected value to answer if one should play the game.

Answer:

If the expected value is positive, the answer is "Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games."; if the expected value is negative, the answer is "No, since the expected value is negative, you would be very likely to come home with less money if you played many games."; if the expected value is 0, the answer is "No, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games."