A Las Vegas Roulette wheel has 38 different numerical values. If an individual bets on one number and wins they payoff is 35:1
a. show a payoff table for a $10 bet on one number for decision alternatives of bet and do not bet.
b. What is the reccommended decision using the expected value approach
c. Do the Las Vegas casinos want risk taking or or risk avoiding customers? Explain?
d. What range of utility values would a decision maker have to assign to a $0 payoff in order to have expected utility njustify a decision to palce the $10 bet?
Please show work