(a) Suppose there are 10 cards face-down numbered 1 through 10. You can pick one card. If the number on the card is at l

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(a) Suppose there are 10 cards face-down numbered 1 through 10. You can pick one card. If the number on the card is at l

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A Suppose There Are 10 Cards Face Down Numbered 1 Through 10 You Can Pick One Card If The Number On The Card Is At L 1
A Suppose There Are 10 Cards Face Down Numbered 1 Through 10 You Can Pick One Card If The Number On The Card Is At L 1 (23.85 KiB) Viewed 87 times
(a) Suppose there are 10 cards face-down numbered 1 through 10. You can pick one card. If the number on the card is at least 5 your payoff is the dollar value on the card, otherwise your payoff is $0.5. i. What is the expected value of your payoff? (6 marks) ii. What is the standard deviation of your payoff? (4 marks)
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