The probabilities and gain or loss for guessing on a standardized test is shown in the table to the right. Suppose that you eliminate one of the possible six answers. Modify the two probabilities of guessing correctly and guessing incorrectly under these circumstances.
|
Outcome
|
Gain or Loss
|
Probability
|
|
Guess correctly
|
1
|
1/6
|
|
Guess incorrectly
|
-1/3
|
5/6
|
What is the expected point value of a random guess? Is it advantageous to guess under these circumstances?