A Six-Sided,unfair (Weighted)die Has the Following Probability Distribution

question 106

Short Answer

A six-sided,unfair (weighted)die has the following probability distribution. Find the probability of rolling a 3 or less.

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Definitions:

Utility Function

A mathematical representation of how a particular good or set of goods generates satisfaction or utility for an individual or consumer.

Flood

An overflow of water that submerges land which is usually dry.

Insurance

A risk management tool that provides financial protection against potential losses in exchange for premium payments.

Wealth

The abundance of valuable financial assets or physical possessions which can be converted into forms that can be used for transactions or investments.