The Outcomes (Odd Number or Even Number)of a Roulette Wheel

question 36

Essay

The outcomes (odd number or even number)of a roulette wheel are shown below. Test for randomness of odd (O)and even (E)numbers. $$\begin{array} { l l l l l l l l l l l l } O & \text { E } & O & E & O & \text { E } & O & E & \text { E } & \text { O } & \text { E } & \text { E } \\E & \text { E } & O & \text { E } & O & O & E & O & E & E & O & E\end{array}$$

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Definitions:

Competition

The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix.

Consumer Surplus

The difference in the total potential payment consumers are willing to make for a good or service and the actual expenditure they incur.

Welfare Loss

Economic inefficiency resulting from a deviation from an optimal allocation of goods and services, often due to externalities or market power.

Net Social Gain

The overall benefit to society from an economic transaction, after subtracting costs.