You and a friend play the following game: You flip a fair coin. If it comes up heads, you pay $1. If


Question: You and a friend play the following game: You flip a fair coin. If it comes up heads, you pay $1. If it comes up tails, your friend rolls a die. If the result is an even number, you are paid $2; if the result is an odd number, then you pay your friend $3. What is your expected payoff-that is, the average amount you will win or lose?

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Answer: The solution consists of 1 page
Deliverable: Word Document

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