A man draws 2 balls from a bag containing 3 white and 5 black balls. If he receives Rs.70 for every white ball he draws and Rs.7 for every black ball. Find his expectation.
This presentation is an attempt to introduce Game Theory in one session. It's suitable for undergraduates. In practice, it's best used as a taster since only a portion of the material can be covered in an hour - topics can be chosen according to the interests of the class.
The main reference source used was 'Games, Theory and Applications' by L.C.Thomas. Further notes available at: http://bit.ly/nW6ULD
This presentation is an attempt to introduce Game Theory in one session. It's suitable for undergraduates. In practice, it's best used as a taster since only a portion of the material can be covered in an hour - topics can be chosen according to the interests of the class.
The main reference source used was 'Games, Theory and Applications' by L.C.Thomas. Further notes available at: http://bit.ly/nW6ULD
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A man draws 2 balls from a bag containing 3 white and 5 black balls.docx
1. A man draws 2 balls from a bag containing 3 white and 5 black
balls. If he receives Rs.70 for every white ball he draws and
Rs.7 for every black ball. Find his expectation.
Solution
Possibilities P(X) X X.P(X)
2 white balls
𝟑𝒄𝟐
𝟖𝒄𝟐
=
𝟑
𝟐𝟖 140 15
1 white and
1 black ball
𝟑𝒄𝟏
× 𝟓𝒄𝟏
𝟖𝒄𝟐
=
𝟏𝟓
𝟐𝟖
77 41.25
2 black balls 𝟓𝒄𝟐
𝟖𝒄𝟐
=
𝟏𝟎
𝟐𝟖
14 5
E(X) = 61.25
His expectation is Rs.= 61.25