The Connotation "Expected Value" or "Expected Gain" from Playing Roulette

question 4

Multiple Choice

The connotation "expected value" or "expected gain" from playing roulette at a casino means

• A)the amount you expect to "gain" on a single play.
• B)the amount you expect to "gain" in the long run over many plays.
• C)the amount you need to "break even" over many plays.
• D)the amount you should expect to gain if you are lucky.

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Definitions:

P(B)

Represents the probability of an event B occurring in probability theory and statistics.

Classical Approach

A method or theory in economics and political philosophy centered around free markets, competition, and limited government intervention.

Relative Frequency Approach

A method of estimating probabilities based on the proportion of observed occurrences of an event relative to the total number of trials.

Subjective Approach

A method of decision making or analysis that is based on personal judgment, opinions, or preferences rather than objective data.