04 Sep 1 Page Statistics Project
I want you to invent a game with at least 12 different possible monetary outcomes. These outcomes need to include prizes other than money. You are going to charge people money (you decide how much) to play the game and then you decide how much each outcome is worth (win or lose). Make sure that you are able to find the probability of each outcome (Hint: use dice, deck of cards, etc.) Your goal is to come up with an appealing game that people will want to play, but that you will be the one making money in the end. NO RAFFLES.
1) Title your game, explain the rules, and list the prizes.
2) Construct a probability distribution in chart form for your game, your random variable x should represent the player’s monetary outcome (there should be at least 12 different x values). Be sure to subtract what you charged to play from their winnings .
3) Find the player’s expected value of your game. The expected value needs to be between $ -2.00 and $0.00. If you expected value is not in that range, then you need to either adjust the amount you are charging to play or the amount that you are giving away.
4) Explain how this game is going to make you money, but still be appealing enough for people to try and play.
You will turn this in to me by submitting the file in Canvas before the due date listed in the calendar.
See example below:
The following is an example project (**note that you need at least 12 different monetary outcomes in your X column, not just 6 like my game):
Example Project:
I have 10 colored rocks in a bag, I am going to charge the player $3 to pick one rock, the prizes are as follows:
Red rock – piece of gum
Blue rock – whistle
Orange rock – candy bar
Purple rock – sucker
Pink rock – nothing
Gold rock – $5
There are 2 red rocks, 2 blue rocks, 3 purple rocks, and 1 of each orange, pink and gold. The cost of the prizes to me are as follows:
Gum – .25
Whistle – $1
Candy bar – $1.25
Sucker – .75
| Outcome | X | P(x) | X*P(x) |
| Red | -2.75 | 2/10 | -.55 |
| Blue | -2 | 2/10 | -.40 |
| Orange | -1.75 | 1/10 | -.175 |
| Purple | -2.25 | 3/10 | -.675 |
| Pink | -3 | 1/10 | -.30 |
| Gold | 2 | 1/10 | .20 |
| 10/10 = 1 | -1.90 |
Expected value = E(x) = -$1.90
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