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Carnival A carnival game offers a $$\$ 100$$ cash prize for anyone who can break a balloon by throwing a dart at it. It costs $$\$ 5$$ to play, and you're willing to spend up to $$\$ 20$$ trying to win. You estimate that you have about a \(10 \%\) chance of hitting the balloon on any throw. a. Create a probability model for this carnival game. b. Find the expected number of darts you'll throw. c. Find your expected winnings.

Short Answer

Expert verified
The probability model for this carnival game is geometric with the success probability of 0.1 leading to an expectation of 10 throws until hitting the balloon. However, given a maximum willing spend of $$\$ 20$$, you would stop after 4 throws, making your winnings likely to be close to zero. Exact expected winnings can be detailed using the formula specified.

Step by step solution

01

Establishing the Probability Model

A geometric distribution is used to model the number of failures before a success in repeated, independent Bernoulli trials. In our case, a 'success' is defined as hitting the balloon and a 'failure' is missing it. Given the success probability \(p = 0.1\) (10%), our geometric probability function is \(P(X = k) = (1 - p)^{k - 1} \cdot p\) where \(X\) is the number of trials until the first success and \(k\) is a particular trial.
02

Expected Number of Throws

In a geometric distribution, the expected value or mean, which is the average number of trials expected for the first success is given by \(E[X] = 1/p\). Hence, the expected number of dart throws to hit the balloon is \(1/0.1 = 10\).
03

Calculate Expected Winnings

To calculate your expected winnings, we need to subtract the cost of playing the game (that would be lost even if you win) from the cash prize. For each throw, you are spending $$\$ 5$$. So for 10 throws, you would spend $$\$ 50$$. However, you are only willing to spend up to $$\$ 20$$, which is 4 throws. Therefore if you do not hit the balloon within 4 throws, you stop and your winnings would be $$\$ 0$$. Given a 10% chance of hitting the balloon, the odds are against hitting it within 4 throws. Hence the expected winnings would be very close to $$\$ 0$$. If the first success happens within those 4 throws, i.e., if \(k <= 4\), the expected winnings are $$\$ 60$$ after subtracting the cost of game from the cash prize, otherwise your winnings are $$\$ 0$$. Therefore, your expected winnings combine the probability you will win within 4 throws with the amount left over from the prize after deducting the cost of game and the probability of not winning within those 4 throws. The exact winnings can be calculated with the formula \(E[Winnings] = \sum_{k=1}^{4}(100 - 5k) \cdot ((1 - p)^{k - 1} \cdot p)\).

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

Geometric Distribution
The geometric distribution is a statistical model ideal for situations where we count the number of trials needed to achieve the first success. Suppose you are trying to win a carnival game by throwing darts at a balloon. Each dart throw is an independent trial. Your aim is to calculate how many throws it would take to hit the balloon for the first time. This is where the geometric distribution shines.
  • The probability of hitting the balloon on any throw, i.e., 'success', is 0.1 or 10%.
  • The geometric probability function \(P(X = k) = (1-p)^{k-1} \cdot p\) helps you find the probability of hitting the balloon for the first time on the k-th throw.
This form of distribution focuses on two outcomes: success or failure, much like the dart throw scenario. That makes it a go-to model for predicting the number of attempts until the first successful hit.
Expected Value
In statistics, the expected value represents the average outcome of an event if it is repeated many times. For the carnival game, it answers a key question: "On average, how many dart throws will I need to hit the balloon?"
The expected value for a geometric distribution can be calculated using the formula: \(E[X] = 1/p\). With a success probability of 0.1, you can expect to throw about 10 darts before hitting the balloon.
  • This implies that, on average, one should prepare to spend more than the initial $20, as hitting the balloon in fewer than 10 tries occurs less frequently.
Understanding expected value helps in managing expectations and strategizing on how many tries one should realistically anticipate.
Bernoulli Trials
Bernoulli trials are fundamental components in understanding probability models like the geometric distribution. Each dart throw at the carnival is a Bernoulli trial. Every trial results in one of two possible outcomes: success (hitting the balloon) or failure (missing the balloon).
Characteristics of Bernoulli trials include:
  • Each trial is independent, meaning the outcome of one does not impact another.
  • There are two possible outcomes: success with a probability of \(p = 0.1\) or failure with a probability of \(1-p = 0.9\).
Through these trials, you can apply geometric distribution principles to predict outcomes and devise optimal strategies for winning.
Expected Winnings
Calculating expected winnings involves understanding both the probability of success and the cost involved. In the carnival game scenario, you are balancing between how much you spend and the potential cash prize.
Given the constraints: - You spend \(5 per game and only afford four games. Thus, the maximum expense would be \)20. - Winning within four attempts yields \(100 minus the cost. That sums to \)60 if you win with any of the first four darts.
The expected winnings can be calculated using the formula: \(E[Winnings] = \sum_{k=1}^{4}(100 - 5k) \cdot ((1 - p)^{k - 1} \cdot p)\). Assessing these factors, combined with your probability model, shows potential earnings are close to $0. This strategic calculation reaffirms that often in probability games, expectations must be tempered with realizable outcomes.

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Most popular questions from this chapter

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