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Fundamentals of Probability, with Stochastic Processes | 3rd Edition | ISBN: 9780131453401 | Authors: Saeed Ghahramani
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An urn contains five balls, two of which are marked $1,

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QUESTION:

An urn contains five balls, two of which are marked $1, two $5, and one $15. A game is played by paying $10 for winning the sum of the amounts marked on two balls selected randomly from the urn. Is this a fair game?

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QUESTION:

An urn contains five balls, two of which are marked $1, two $5, and one $15. A game is played by paying $10 for winning the sum of the amounts marked on two balls selected randomly from the urn. Is this a fair game?

ANSWER:

Step 1 of 3

An urn contains five balls, two of which are marked $1, two $5, and one $15. A game is played by paying $10 for winning the sum of the amounts marked on two balls selected randomly from the urn.

Let be the random variable that denotes the total earning of the player.

The player can earn $2 by picking two balls marked $1, $6 by picking one ball marked $1 and one ball marked $5, $10 by picking two balls marked $5, $16 by picking one ball marked $1 and one ball marked $15 and $20 by picking one ball marked $5 and one ball marked $15.

Thus, considers the values 2, 6, 10, 16 and 20.

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