Solved: Suppose the probability of winning in a gambling game is, Basic Statistics

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Suppose the probability of winning in a gambling game is

Question: Suppose the probability of winning in a gambling game is .001, and when a player wins, his or her net gain is $999. When a player loses, the net amount lost is $1 (the cost to play). Is this game fair? Why or why not? How would you define a fair game? Does the number of times the game is played affect your view of whether the game is fair or not? Explain.

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Basic Statistics: Suppose the probability of winning in a gambling game is

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