The entry fee is $11, and the entrants make the recipes at home and vote for their favorite, which cannot be their own recipe. The top 2 finishers win money. First place wins $58, and second place wins $48. You give yourself an X chance of finishing in the top 2, and if you finish top 2, then you have an equal chance of finishing first or second.

Required:
What is x such that entering this tournament is a fair gamble for you as an expected value maximizer?

Answers

Answer 1

Answer:

The value is  [tex]X =  0.1719 [/tex]

Step-by-step explanation:

From the question we are told that

    The entry fee is  [tex]a =  \$ 11[/tex]

    The  outcome for  first place is  [tex]b =  \$ 58[/tex]

    The outcome for second place is [tex]c =  \$ 48[/tex]

   The outcome for losing is  [tex] d =  - \$ 11[/tex]

The chance of finishing in the top two  is  X

Given that there are equal chance  of finishing first or second, then the chance of finishing first is  [tex]\frac{X}{2}[/tex]

and  the chance of finishing second is  [tex]\frac{X}{2}[/tex]

Then the chance of losing(i.e not finishing in the first two) is  [tex]1 - X[/tex]

given that the game is a fair gamble for the player as an expected maximizer then it mean is that the expected value of entering the tournament  E(X) =  0

So

     [tex]E(X) =  b *  \frac{X}{2}  +  c  *  \frac{X}{2} *  d  *  ( 1 - X)[/tex]

=>   [tex]0 =  58 *  \frac{X}{2}  +  48  *  \frac{X}{2} *  -11  *  ( 1 - X)[/tex]

=>   [tex]0 =  \frac{58X}{2}  +   \frac{48X}{2} *  -11  + 11X)[/tex]

=>   [tex]X =  \frac{64}{11}[/tex]

=>   [tex]X =  0.1719 [/tex]


Related Questions

Which model represents 3/4 x 1/3

Answers

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A scaled drawing of a rectangle park is 5 inches wide and 7 inches long. The actual park is 280 yards long. What is the area of the actual park in square units?

Answers

Area of the actual park is 56000 square yards.

Step-by-step explanation:

A scale drawing of a rectangular park has dimensions as 5 inches width and 7 inches length.

Actual length of the park has been given as 280 yards.

So scale factor used in the drawing is 7 inches

= 280 yards

Or 1 inch = 40 yards

Since width of the rectangular park is = 5 inch

So actual width of the park will be = 5×40 = 200 yards

Now we can calculate the area of the park.

Actual area of the park = Length × Width

= 280×200

= 56000 yards²

Therefore, area of the actual park is 56000 square yards.

Rectangle A measures 8 inches by 4 inches. Rectangle B is a scaled copy
of Rectangle A and is multiplied by the scale factor 7. What are the
dimensions of Rectangle B?

Answers

Rectangle B = 56inches by 28inches
It’s pretty easy you just multiply 8 by 7 and 4 by 7.

anybody know this and can help me ?

Answers

What they said ^^^. Hopefully this helps you :)

8 tomatoes for $2 unit rate
I don't have much so please 17

Answers

That would be 16 dollars I’m pretty sure dude

Nancy has 192 golf balls.
How many dozen golf balls does she have?

Answers

Answer:

16

Step-by-step explanation:

192/12=16

hope this helps :3

if it did pls mark brainliest

Answer:16

192/12 equals 16

0.005 is 1/10 of 0.05 true or false

Answers

false, it would be 0.005 is 5/10 of 0.05. also can you pls answer my question!

Answer:

i got 1/2000

Step-by-step explanation:

A fair coin is tossed three times. What is the probability of obtaining one Head and two Tails?(A fair coin is one that is not loaded, so there is an equal chance of it landing Heads up or Tails up.) *
1/4
3/8
5/8
1/3

Answers

3/8 is the answer ;)

Please answer the mushroom soup question

Answers

I believe it would be neither Because on both stickers it says the unit price is 9 cents per ounce

what is the approximate circumference pf the circle shown below?​

Answers

Answer:

A: 20pi

Step-by-step explanation:

c=2(pi)r

c=2(pi)(10)

c=20(pi)

c=62.8

Write a rule that represents the function.
(1,1/2),(2,1/4),(3.1/8),(4,1/16),(5,1/32)

Answers

Answer:

Step-by-step explanation:

. cubesi, 20,64. AV 1,6,11,16... Add 5. 1, 2, 4, 8. . Multiply 2. $2,9,28,65... cubes add 1. 31,49,16 ...

6. Doug has been evicted from his home. He sits on the street corner with a homemade
sign asking people to give him food. Doug is wearing only shorts and a t-shirt in the
snowy afternoon. Doug plays his harmonica in hopes of attracting some donors. One
kind soul brings him a cup of hot chocolate. A passerby yells at Doug to "Get a job!"
upsetting Doug so much that he spills the steaming hot chocolate on his leg.

Answers

What do u mean by this question?

Parking on campus is often expensive, and it is tempting to park illegally and take your chances on getting a ticket. From past experience, the probability of getting a ticket is about 0.30 on any given day, and because you always change your parking location, each day's outcome is independent of the previous day's outcome. The probability that you will NOT get a ticket on two days is

Answers

Answer:

P(not getting a ticket for 2 days) = 0.49

Step-by-step explanation:

We are told that the probability of getting a ticket on any given day is 0.3.

Thus;

P(getting a ticket a day) = 0.3

This means that;

P(not getting a ticket a day) = 1 - 0.3 = 0.7

Now, 0.7 is probability of not getting a ticket for 1 day. Since each day's outcome is independent of the previous day's outcome, it means that for n days, probability of not getting a ticket for n days will be;

P(not getting a ticket for n days) = 0.7ⁿ

For 2 days, its = 0.7² = 0.49

Thus;

P(not getting a ticket for 2 days) = 0.49

Z+(z-6)-2=-10
How donI solve this?

Answers

Answer:

z = -1

Step-by-step explanation:

Simplifying

z + (z + -6) + -2 = -10

Reorder the terms:

z + (-6 + z) + -2 = -10

Remove parenthesis around (-6 + z)

z + -6 + z + -2 = -10

Reorder the terms:

-6 + -2 + z + z = -10

Combine like terms: -6 + -2 = -8

-8 + z + z = -10

Combine like terms: z + z = 2z

-8 + 2z = -10

Solving

-8 + 2z = -10

Solving for variable 'z'.

Move all terms containing z to the left, all other terms to the right.

Add '8' to each side of the equation.

-8 + 8 + 2z = -10 + 8

Combine like terms: -8 + 8 = 0

0 + 2z = -10 + 8

2z = -10 + 8

Combine like terms: -10 + 8 = -2

2z = -2

Divide each side by '2'.

z = -1

Simplifying

z = -1

Answer:

z= -1

Step-by-step explanation:

Simplifying

z + (z + -6) + -2 = -10

Reorder the terms:

z + (-6 + z) + -2 = -10

Remove parenthesis around (-6 + z)

z + -6 + z + -2 = -10

Reorder the terms:

-6 + -2 + z + z = -10

Combine like terms: -6 + -2 = -8

-8 + z + z = -10

Combine like terms: z + z = 2z

-8 + 2z = -10

Solving

-8 + 2z = -10

Solving for variable 'z'.

Move all terms containing z to the left, all other terms to the right.

Add '8' to each side of the equation.

-8 + 8 + 2z = -10 + 8

Combine like terms: -8 + 8 = 0

0 + 2z = -10 + 8

2z = -10 + 8

Combine like terms: -10 + 8 = -2

2z = -2

Divide each side by '2'.

z = -1

Simplifying

z = -1

john goes out to eat at a local restaurant the bill comes to $47.38 john wants to leave a 20% tip how much of a tip should he leave?

Answers

Answer:

$56.86

Step-by-step explanation:

Please help me with this problem please ;(

Answers

9514 1404 393

Answer:

  -2

Step-by-step explanation:

The average rate of change on the interval [3, 9] is ...

  (f(9) -f(3))/(9 -3) = (41 -53)/(9 -3) = -12/6 = -2


11. In the figure, AC = 24 and AB = BC. Point D (not shown) is on the line between A and B such that AD = DB.
What does DC equal?

Answers

Answer with step-by-step explanation:

If AD = DB, then D would be the midpoint of AB. If AB = BC, then B would be the midpoint of AC. If so, lets add another point called E. E is the midpoint of BC, which would divide AC into fourths. DC = DB + BE + EC. So, DC is 3/4 of 24, which is 18.

Hope this was helpful!

Use the equation for the surface area of a cylinder, SA = 2^r2 + 2arh, where r is

the radius and h is the height. Find h if the surface area is 207.24 square inches and

the radius is 3 inches. Use 3.14 for it and round your answer to the nearest whole

number if needed.

Answers

Answer:

8in

Step-by-step explanation:

the given formula in the question is not correct

here is the correct formula

S. A. =2πr^2 +2πrh

given that S.A=207.24

radius r= 3in

207.24=2*3.142*(3)^2 +2*3.142*(3)h

207.24=56.556 +18.852h

207.24-56.556=18.852h

150.684=18.852h

h=150.684/18.852

h=7.99

Approximately the height is 8in

3x34343334445877958689

Answers

Answer:

The product would be 1.0303e+20

Mikel wants to hire a carpenter to remodel a bathroom.
Both carpenters interviewed charge a flat fee for setting up,
plus an hourly wage. Bonzo Bathrooms charges $50 to set
up and $27 per hour. Wonder Waterclosets charges $35 to
set up and $30 per hour. For how many hours of work
would the two bathroom carpenters charge exactly the same
amount?
A)4 1/2hours
B)51/2hours
C)5hours
D)4 hours

Answers

It’s b because if you do the math you can see that

plz help i need this quick consider the equation 9(x+4)=-27what value of x makes this statement true?

Answers

Answer:

x=-7

Step-by-step explanation:

i’ll mark brainlest! pls help! :/

Answers

Answer:

[tex]9\sqrt{2}[/tex]

Step-by-step explanation:

d = [tex]\sqrt{(5-(-4)^2+(5-(-4)^2 \\[/tex]

d = [tex]\sqrt{(9)^2+(9)^2[/tex]

d = [tex]9\sqrt{2}[/tex]

Answer:

D i think... sry if im not correct i tried my best

Step-by-step explanation:

Find the unknown angle measure.

Answers

Answer:

58 degrees

Step-by-step explanation:

add the 2 shown, 74+48, to get 122 all triangles add up to 180 so subtract 122 from 180 and you get 58

The sum of the angles of a triangle is 180. So 74+48+unknown=180. unknown=58

Looking at the equation, 5x + 6 = 46, will
x = 7 make the equation true?
Why or why not?

Answers

No because 5x7=35 and then when you add 6 it equals 41

Answer:

This is not true so x=7 is not a solution

Step-by-step explanation:

5x + 6 = 46

Let x = 7

5*7 +6 = 46

35+6 = 46

41 = 46

This is not true so x=7 is not a solution

please help me with this question

Answers

Answer:

2c^2

Step-by-step explanation:

c3-c1=c2

d2-d2=0

8/4=2

Ida purchases a variety bag of taffy to share with her friends. The bag contains pieces with the flavors of blueberry, strawberry, and lemon. Ida wants to know how many pieces of each flavor are in the bag. She pulls 25 pieces from the bag at random and records their flavor. Her results are shown in the following table.
A: Given the results of Ida’s experiment, what is the probability that the next piece of taffy she pulls from the bag will be lemon-flavored?
B: If the bag contains a total of 200 pieces of taffy, how many of the pieces are likely lemon-flavored?
Select one answer for question A and one answer for question B.
(Table Below)
Flavor Count
blueberry 8
strawberry 5
lemon 12

Possible Answers:
A: 8/25
A: 12/25
A: 13/25
A: 3/5
B: 96 pieces
B: 40 pieces
B: 64 pieces
B: 100 pieces

Answers

Answer:

A. 12/25

B. 96 pieces

Step-by-step explanation:

A. For this, Ida got 12/25 lemon taffies, therefore the probability is the same.

B. The ratio of lemon to other taffies is 12/25. This means that for every 25 pieces of taffy, 12 of them are lemmon. If you multiply the numerator and denominator by 8, you get 96/200, which says that out of 200 pieces, 96 should be candy.

Marti wants to buy a dress priced at $89.75. If the sales tax is 8%, what is the total amount she must pay for the dress?

Answers

96.93
8% =7.18
89.75+7.18=96.93

A football team loses 5 yards on one play and then loses 8 yards on the next play.
a. How many yards did they lose in two plays?
b. How do we represent a loss of 5 yards?
c. How do we represent a loss of 8 yards?
d. What does our addition sentence look like?
e. What is the answer to the question?

Answers

Answer:

13

-5

-8

-5+-8

Step-by-step explanation:

a ) they loose 13 yards in two plays.

b )It is represented by - 5 yards.

c) It is represented by - 8 yards.

d) Addition sentence will be ; 8 + 5 = 13

e) The answer will be 13.

It is given that a football team loses 5 yards on one play and then loses 8 yards on the next play.

We have to answer the given questions based on the provided data.

What will be the value if 2 times of 10 is added to 10 ?

The value will be ; 20 + 10 = 30.

As per the question ,

A football team loses 5 yards on 1st game and 8 yards on 2nd game.

Let's give answer to the question ;

a)

Total yards the team lost in two plays

= 8 +5

= 13

b) As the team is loosing 1st play , we can consider it as a negative value.

  So ,

  It can be represented by x = - 5 yards.

c) As the team is loosing in 2nd play , we can consider it as a negative value.

  So ,

  It can be represented by x = - 8 yards.

d) The expression for addition can be written as ;

  8 + 5 = 13

e) The answer to the question will be equal to 13 yards.

Thus , we can conclude that ;

a ) they loose 13 yards in two plays.

b )It is represented by - 5 yards.

c) It is represented by - 8 yards.

d) Addition sentence will be ; 8 + 5 = 13

e) The answer will be 13.

To learn more about algebra click here ;

https://brainly.com/question/19253676

#SPJ2

which is an example of a non-renewable resorce?​

Answers

There are four major types of nonrenewable resources: oil, natural gas, coal, and nuclear energy. Oil, natural gas, and coal are collectively called fossil fuels. Fossil fuels were formed within the Earth from dead plants and animals over millions of years—hence the name “fossil” fuels.

Answer: Fossil Fuels such as coal and oil

Step-by-step explanation:

You accept a job salary of $36,700. After 6 months you receive a 4% raise. What’s your new salary?

Answers

Answer 25:

Step-by-step explanation:

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