Question

Suppose you play a card game with your friend that has an expected value of $2. Is this a fair

game?

Answer 1

No, it is not a fair game

Explanation:

If it was a fair game, the expected value should be 0

If the expected value is 0, then the amount to be won and the amount to be lost is same and thus, the game does not tilt in favor of any of the competitors

But with an expected value of $2, there is actually a favor to one side