8.1+&+8.2

Mindscapes for Chapter 8.1 & 8.2 please post original response by Friday 12/3(noon) and classmate responses by Sunday 12/5 (noon). If you need to post a drawing or handwritten work and do not have the capability to scan it as a .jpeg it must be submitted to my mailbox (Basement of AB building) by noon on Thursday and I will post in on Friday:

=__** 8.1 **__=

1. [ MH] To compute the expected value, we multiply the value of each outcome with its probability of occurring and then add up all those products.

2. [FB]: (1*.5)+(.5+.5)=.75 CV: Oh, okay.

3. [LJ] I came up with $0.75 for the average amount FB: I came up with close but a little higher at .7666, how did you account for the .8?

4. [TC] I said that there is a 1/2 chance of getting red, a 1/4 chance of getting blue, and a 1/5 chance of green. LJ: how did you come up with the 1/5 green? SD: Did you mean 1/4 for green or because the green space is smaller it might be 1/5? (i'm not sure if that matters) FB: it looks evenly divided to me, 1/2 for red 1/4 for blue and 1/8 for green. So for blue or greed, shouldn't it be higher than 1/4?

5. [SD] I think the answer to this one is a game is called a fair game if the expected value equals zero. That is if the game is played again and again we would expect all players to break even.

6. [CV] The expected value of this bet is that you would be around the same place where you started! If you play many times on a game that is fifty fifty chance, you'll eventually even out I suppose! 7. KK] 8. [ JH] 9. [JL]

=** __8.2__ **=

1. [NG] 2. [MH] Two activities that are less risky than one would think: 1. Flying on an airplane 2. Vacationing in Israel. CV: That's a weird question, but I suppose you're right 3. [FB] .02+280,000,000=5,600,000 people infected SD: I came up with the same. CV: I got something different... but I'm wrong! So don't listen to me! 4. [LJ] it would cost 150,000,000 per life saved, and the cost would be prohibitive. When the cost is reduced to $1000.00 per life saved then the price is reduced to $10,000.00 per and would be a better cost savings. SD:I came up with this also

5. [TC] There is a 93% chance of life expectancy. SD:How did you come up with that answer? FB: The reduction in life expectancy from 93% would be 72.54 CV: THis one confuses me, but I think I can get it.

6. [SD]:You'll Mistake 20% of the 90% that are real blondes ad you'll correctly identify 80%of the 10% that are fake. But I don't know where to go from here. FB: I think its just a judgment based on the chances, it seems like a reasonable relationship to pursue to me.

7. [CV] I think the probability of Chris' hair being fair is around 80%. But that's a guess. 8. [KK]