The Ontario Lottery Group has recently started allowing betting on the outcomes of games of the Canadian Calvinball League. It costs $10 to purchase a ticket, and you must successfully determine the outcome of the night's games. Tonight the games are Oakville Owlbears Brampton Beholders Whitby Wyverns vs Vs Mississauga Mind Flayers Guelph Githyanki Kitchener Kuo-Toa VS You will win 3k – 1 dollars for correctly determining the outcome of k matches. Question 1 Assuming all teams are equally matched, what are your expected net winnings? Note that your net winnings are the difference between what you paid to play and what you won. Hence your winnings can be negative if you lose money. Question 2 Per the rules of Calvinball, the team whose name occurs first alphabetically has an advantage and is twice as likely to win their game. Assuming you bet on the more likely winner in each game, what are your expected value net winnings? Question 3 You have a friend who plays for the Whitby Wyverns. The team found a ringer from the European leagues, and the likelihood that the Wyverns win their next game is now 100%. Assuming that you bet for the Wyverns and that the other two games still favour the alphabetical team, what are your expected net winnings
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
The Ontario Lottery Group has recently started allowing betting on the outcomes of games of the Canadian Calvinball League. It costs $10 to purchase a ticket, and you must successfully determine the outcome of the night's games. Tonight the games are Oakville Owlbears Brampton Beholders Whitby Wyverns vs Vs Mississauga Mind Flayers Guelph Githyanki Kitchener Kuo-Toa VS You will win 3k – 1 dollars for correctly determining the outcome of k matches. Question 1 Assuming all teams are equally matched, what are your expected net winnings? Note that your net winnings are the difference between what you paid to play and what you won. Hence your winnings can be negative if you lose money. Question 2 Per the rules of Calvinball, the team whose name occurs first alphabetically has an advantage and is twice as likely to win their game. Assuming you bet on the more likely winner in each game, what are your
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