SKILLS FORUM ASSIGNMENT Student’s Name Course Code Course Title Professor’s Name

QUESTION 1 18) Fifty-seven percent of families say that their children have an influence on their vacation plans. Consider a sample of eight families who are asked if their children influence their vacation plans. Identify the values of n, p, and q, and list the possible values of the random variable x. n = 8; p = 0.57; q = 0.43; x = 0, 1, 2, 3, 4, 5, 6, 7, 8

QUESTION 2b Maxine is a little less adventurous and hopes to win more often (and lose less often) so she repeatedly places her $1 bet on red (which has more ways to win but a winning payoff of only 1:1, $1 won for every $1 bet). Should she expect to break even by playing this way since the payoff is 1:1? Does she have a 50/50 chance of winning each time the wheel is spun? What is the expected net gain? Explain. She should not expect to breakeven because there is a high chance of undergoing a loss hence the hope of breaking even is minimal. She does not have a 50/50 chance of winning because of the chances of losing once the wheel is spun.

Continuation QUESTION 2b The expected net gain can be computed as below

QUESTION 2a Marco decides to play roulette for the rest of the evening and repeatedly places a $1 wager on the number 22. What is the expected value of this game? (In other words, what is his expected net gain over many, many repeated plays?) Explain why this is an 'unfair' game. x P(x) xP(x) (x - ) (x - )2 (x - )2P(x) 0.07 0.00 -1.23 1.513 0.106 1 0.68 -0.23 .053 0.036 2 0.21 0.42 0.77 .593 0.125 3 0.03 0.09 1.77 3.133 0.094 4 0.01 0.04 2.77 7.673 0.077 Total 1.00 1.23 0.4.38 x P(x) 0 0.07 1 0.68 2 0.21 3 0.03 4 0.01 B) mean: 1.23; standard deviation: 0.66

Continuation QUESTION 2a The net gain is therefore 66% of his investment. We can conclude that this is an unfair game because the gain only occurs when you score yet the probability of scoring is very limited. Marco ends up placing the $1 widget severally on number 22 before he could expect a return of 66%

QUESTION 2c Excitement Gambling is exciting and the adrenaline rush can become addictive for many people. When gamblers become addicted, the rush of the gamble becomes a priority over things in that individual’s life and they continue to gamble despite other concerns such as financial troubles or relationship problems. Filling a void For many people, gambling gives them something to do and an opportunity to spend time with other people and win some money. For people who spend a lot of time on their own, joining an online gaming or betting site makes them feel part of a community and this can fill a void. Stress and emotional problems Gambling can be a reaction to emotional problems or sources of stress, because it provides a temporary escape and distracts people from what is actually going on in their lives.

CONTINUATION 2c Addictive personality People with an addictive personality will usually become hooked on gambling more easily than others. Family problems/relationship difficulties/ financial worries/ illness/ bereavement/ unemployment People may turn to gambling as a means of coping with or blocking out difficult events or problems in their life. Alcohol abuse Many people (around 50%) of people with gambling addictions also suffer from alcohol addiction and the two addictions can fuel each other. The lure of the betting shop or website Increasingly, websites and bookies are offering punters special offers, deals of the day and free bets of games to encourage people to gamble. A casual hobby can soon turn into a serious addiction. Depression Figures suggest that people with a gambling addiction are around twice as likely to suffer from depression.