You flIp a Coin

question 15

Short Answer

You flip a coin. If it lands heads, you lose 1 point. If it lands tails, you flip the coin again, and lose 1 point if
it lands heads and get 3 points if it lands tails. What is the expected value of the number of points you get
when you play this game.

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Definitions:

Middlemen

Intermediaries in the distribution process that facilitate transactions between producers and consumers by handling logistics, marketing, or sales.

Transactions Costs

The expenses incurred when buying or selling goods and services, which may include search, bargaining, maintaining trade standards, and enforcement costs.

Economic Output

The total value of all goods and services produced within an economy over a specific period of time.

Transaction Costs

Expenses incurred when buying or selling goods and services, which may include search, bargaining, and enforcement costs.