Wilson Is Watching Two Different Roulette-Type Games at a Local

question 144

Multiple Choice

Wilson is watching two different roulette-type games at a local charity bazaar.Each game costs $1 to play.In one game,there are ten different numbers,and if the number he selects comes up,he will win $12.In the other game,there are 100 different numbers,but if the number he selects comes up,he will win $50.What should Wilson do based on expected value theory

• A) Play the first game because it has a higher expected value. 
• B) Play either one of the games because they both have the same expected value. 
• C) Play the second game because it has a higher expected value. 
• D) Not play either game because they both have such low odds of winning.

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Definitions:

Strategic Plans

Frameworks developed by organizations to guide their long-term decision-making and resource allocation based on objectives.

Ethical Duty

A moral obligation to act in a manner that is considered to be right or virtuous, often guiding professional conduct and decision-making.

Legal Duty

An obligation recognized by law that requires an individual or entity to conform to a certain standard of conduct.

Maximizing Profits

The process of making the highest possible financial gain from business activities within the confines of the law and ethical practices.