Question
A man comes up to play a game. you flip a coin, if heads you win $1 and keep playing if heads again you get $2, if you get heads again, $4 and so on. If you flip tails you take your money and the game is over. How much should he be willing to pay?
Answers
Brianna
it depends onhow many times he flipes it
Tara
No it doesn't
Caruso
It does matter how many time he flips it. E(x) changes with every trial added.
E(x)=Sum(P(u)X(u)) as u fulfills the total sample space
E(x)=Sum(P(u)X(u)) as u fulfills the total sample space