Could you give me the answer and not a file that gives me the answer?
1 answer:
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Answer:
the game must be played in groups of 13 draws, with a cost of $28 for the 13 draws.
Step-by-step explanation:
Probability of drawing any of the 13 balls is the same. So the expected value of play is the average of the values of each card.
The only losing card is the ace; the player loses $20 if that card is drawn.
Each of the 3 face cards wins $10; each of the remaining 9 cards wins $2.
So the average value of each draw is
= 28/13
Therefore, on average the player will win $ 28/13. to be a fair game the player must pay $28/13 for a game.
that is not possible, unless the game must be played in groups of 13 draws, with a cost of $28 for the 13 draws.
Answer:
The price is x = $2.779
Step-by-step explanation:
From the question we are told that
The revenue is
The cost of production is
Generally at break even point the cost of production is equal to the revenue
So
=>
Using the quadratic formula to solve this equation we have that
x = $2.779