Create your own simple Games F

Create your own simple Games Fair game. The game must have anon-uniform probability distribution and 4 or more outcomes.Clearly describe the rules of the game and the points associatedwith each outcome. Create the points based on an expected valuethat will allow the game to profit.

Answer:

We have a box containing 4 different type colour of balls green,blue ,white and black there are total 20 balls in the box thenumber of diffetedicolour balls are given below

◆green – only 1 ball

◆blue – 4 balls

◆white – 8 balls

◆black – 7 balls

If you want to get a chance to select a ball from the box youmust pay $2 and it will not get back if you win or loss

Each ball colour wins different type of amount.

The amount that are given to the player if he select

●green =$20

●blue =$3

●white =$1

●black =$0

Would you play the game…….

Probability of getting green ball=1/20

Probability of getting blue ball =4/20

Probability of getting white ball =8/20

Probability of getting black ball =7/20

Change that comes in to our amount after selecting a ball isgiven if

Select a green ball = $20-$2= $18

Select a blue ball = $3-$2 =$1

Select a white ball =$1-$2 = -$1

Select a black ball =$0-$2= -$2

Hence

Expected value = (1/20*18)+(4/20*1)+(8/20*-1)+(7/20* -2)

=(18/20)+(4/20)+( -8/20)+( -14/20)

=(18+4 -8 -14)/20

=(22 -22)/20 =0/20

=0

We got the expected value 0 says that the game is a fair game.

Here we got expected value exactly 0 means neither profit norloss if we are looking forward for the profit we should get anexpected value more than 0 . If we get an expected value 0.05 meanswe have a profit of 0.05 on each try.


 
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