An urn contains 7 black balls, 4 red balls, 3 white balls and 1
blue ball,...
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An urn contains 7 black balls, 4 red balls, 3 white balls and 1blue ball, and a player is to draw one ball. If it is black, hewins $1, if it is red, he wins $2, if it is white he wins $3 and ifit is blue, he pay $25.
a. Set up the empirical probability distribution for the randomvariable X, the payoff of the game.
Game Payoff (X)
Probability [P(X)
$1
$2
$3
$4
b. What is the mathematical expectation of this game?
c. In the long-run, will the player win or lose?
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SolutionIn the question we are givenAn urn contains 7 black balls 4 red balls 3 white balls and 1blue ball and a player is to
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