Blackjack
the Probability Distribution of a Random Variable X Is $$\begin{array} { | c | c c c c | } \hline \boldsymbol { x } & - 4 & 0 & 4 & 8 \\\hline p ( x ) & 0.15 & 0.25 & 0.20 & 0.40 \\\hline\end{array}$$

question 25

Essay

Blackjack
The probability distribution of a random variable X is shown below,where X represents the amount of money (in $1,000s)gained or lost in a particular game of Blackjack.
$$\begin{array} { | c | c c c c | } \hline \boldsymbol { x } & - 4 & 0 & 4 & 8 \\\hline p ( x ) & 0.15 & 0.25 & 0.20 & 0.40 \\\hline\end{array}$$
-{Blackjack Narrative} Find the following probabilities:
a.
P(X $\le$ 0)
b.
P(X > 3)
c.
P(0 $\le$ X $\le$ 4)
d.
P(X = 5)

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Definitions:

External Benefits

Positive effects of an economic transaction experienced by people or entities not directly involved in the transaction.

External Costs

Costs that are not borne by the producer or consumer but by third parties or society at large, such as pollution or resource depletion.

External Benefit

A positive effect on a party who did not choose to incur that benefit, often associated with public goods or services.

Public‐spirited

Exhibiting a selfless concern for the well-being of the community and the willingness to act for the public good.