Yahoo Answers: Answers and Comments for The expected value of a carnival game is $6.50, and the cost to play the game is $10.00. Determine the fair price to play the game.? [Mathematics]
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From first name
enCA
Tue, 25 Feb 2020 13:10:28 +0000
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Yahoo Answers: Answers and Comments for The expected value of a carnival game is $6.50, and the cost to play the game is $10.00. Determine the fair price to play the game.? [Mathematics]
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https://ca.answers.yahoo.com/question/index?qid=20200225131028AA5dAy3
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From Bryce: fair price= expected value + cost of play= 6.5...
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https://ca.answers.yahoo.com/question/index?qid=20200225131028AA5dAy3
Tue, 25 Feb 2020 18:32:22 +0000
fair price= expected value + cost of play= 6.50 + 10.00= $16.50

From llaffer: This doesn't make sense. A fair price is ...
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https://ca.answers.yahoo.com/question/index?qid=20200225131028AA5dAy3
Tue, 25 Feb 2020 14:22:47 +0000
This doesn't make sense. A fair price is one that taking into account the odds of winning, the amount you win, etc. work out so the expected value is zero.
A negative expected value is possible and expected in carnival and casino games that favor the house (which wouldn't be a fair game).
Your question states that it costs $10 to play, then asks what's the cost of the game for a fair game. But without probabilities of winning, there is no way to know this.
There is missing information and conflicting information as to what you are given vs. what you are asking for.