It Costs $2

question 43

Multiple Choice

It costs $2.75 to play a dice game at the fair. The player rolls two standard dice and forms a proper fraction with the two numbers that are rolled. If the number represented by the fraction is in simplest form the player wins, if it is reducible he loses. How much should a winning roll pay out in order to make the game fair? Note: Fractions such as 2/2 are reducible to whole numbers.

• A) $2.75
• B) $4.50
• C) $1.75
• D) $5.25
• E) $1.64

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Definitions:

Safety Inventory

Additional stock that a company holds to prevent stockouts and ensure product availability, acting as a buffer against demand fluctuations.

Holding Cost

The expenses associated with keeping inventory in storage, including warehousing costs, insurance, depreciation, and potential obsolescence.

Standard Deviation

Standard deviation measures the amount of variation or dispersion of a set of values, indicating how much they deviate from the average.

Safety Inventories

Stocks of products or materials kept on hand to protect against uncertainties in supply or demand.