Carnival Game

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Daisy+Gatsby5Ever

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Oct 28, 2012
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Okay. So I'm designing a carnival game, and I'm having difficulty determining expected value. I want to make the game cost five dollars to play. So what would my expected values be if I have....

5 Large Stuffed Animals that cost 5 dollars each - Chance of winning: 1/10
10 Goldfish that cost .25 cents each (3 dollars a dozen) - Chance of winning :1/5
15 Small stuffed Animals that cost 3 dollars each - Chance of winning: 1/5
15 Nothings that cost zero dollars - Chance of losing: 1/5
 
Daisy+Gatsby5Ever said:
Okay. So I'm designing a carnival game, and I'm having difficulty determining expected value. I want to make the game cost five dollars to play. So what would my expected values be if I have....

5 Large Stuffed Animals that cost 5 dollars each - Chance of winning: 1/10
10 Goldfish that cost .25 cents each (3 dollars a dozen) - Chance of winning :1/5
15 Small stuffed Animals that cost 3 dollars each - Chance of winning: 1/5
15 Nothings that cost zero dollars - Chance of losing: 1/5
Click to expand...

This should help: http://www.cs.ecu.edu/hochberg/spring2005/ExpectedValue.pdf

Check out the carnival game example.
 
Hello, Daisy+Gatsby5Ever!

Sorry, your game doesn't make sense.

I'm designing a carnival game.
I want to make the game cost five dollars to play.
So what would my expected values be if I have:

5 Large Stuffed Animals that cost $5 each -- Chance of winning: 1/10
10 Goldfish that cost $0.25 each -- Chance of winning: 1/5
15 Small stuffed Animals that cost $3 each -- Chance of winning: 1/5
15 Nothings that cost $0 each -- Chance of losing: 1/5
Click to expand...

You have a limited stock of prizes.
I'm not sure how to include that in the calculations.

You have accounted for: .\(\displaystyle \frac{1}{10} + \frac{1}{5} + \frac{1}{5} + \frac{1}{5} \:=\:\frac{7}{10}\) of the outcomes.
What happens the other \(\displaystyle \frac{3}{10}\) of the time?
 
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