Question

Mark, evan, and cayla are playing a game. there are 3 blue marbles, 2 red, and 1 green marble. if mark pulls a blue marble he gets $1. if evan pulls a red marble, he gets a $2. if cayla pulls a green marble, she gets $3. is this a fair game? if not, who has the advantage?

Answer 1

To determine whether it is a fair game, you need to find the expected value for every person. In this game, there is 3 blue marbles, 2 red marbles and 1 green marbles so the total marbles would be: 3+2+1 = 6 marbles. The expected value for

Mark= 3/6 * $1= $0.5
Evan= 2/6 * $2= $2/3= $0.66
Cayla= 1/6 *$3= $0.5

The game is not fair because Evan has higher expected value, thus having an advantage compared to Mark or Cayla