Answer: the winnings are reduced
Step-by-step explanation:
Given 10 percent chance to win $1,000 for $100. That is
Gain = $900
Assuming diminishing marginal utility of dollars, when the utility of the gain and the money used for bet are considered, it is discovered that the utility of the $100 used to make the bet is greater than the $900 that you might gain if you win the bet.
this is not a fair bet in terms of utility because the winnings are reduced.
Answer: 15
Step-by-step explanation:
Answer:
b=(d-c)/a
Step-by-step explanation:
Just gotta switch them around a bit
Answer:
Step-by-step explanation:
Add all of the times spun to get 70. To get 16/70 then divide by 2 to get 8/35.
It is rounded down to 151.
