In Many Popular Board Games, a Player Rolls Two Dice

question 20

Multiple Choice

In many popular board games, a player rolls two dice and moves the number of spaces equal to the sum shown on the dice. Here is the assignment of probabilities to the sum of the numbers on the up faces when two dice are rolled: Suppose you pay $5 to roll the two dice, and you'll win a dollar amount equal to the sum of the two dice. What is your expected profit for this game?

• A) $2
• B) $5
• C) $4
• D) $6.50
• E) $7

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Definitions:

Listening Errors

Mistakes made in the process of listening that can lead to misunderstandings or misinterpretations.

Focusing Solely

Giving undivided attention or concentration to a single task, objective, or aspect, ignoring distractions or related issues.

Bounded Rationality

Bounded rationality refers to the concept that in decision-making, the ability of individuals to make rational decisions is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make decisions.

Imperfect Information

A situation where all parties in a transaction do not have the same or complete information, often leading to inefficiencies in decision making.