00:01
In this question, we have the total number of coins being tossed is equal to being tossed at 3.
00:17
Now let's start with creating a sample space for this event.
00:20
So first we have the outcomes and the frequency of number of heads.
00:28
So the possible outcomes when 3 coins are tossed are heads, heads, heads, heads, heads, tails, heads, tails, heads, heads, tails, tails, heads, heads, heads, tails, heads, tails, heads, and tails, tails, tails.
00:52
So for the first one, number of heads is 3.
00:55
For the second outcome, we have number of heads 2, 2, 1, 2, 1, 1, and 0.
01:06
Now based on this, we are creating a probability distribution and profit table using the probability above.
01:13
So the profit table will be net profit is equal to winning price, winning price minus cost.
01:28
That is, so first we have number of heads.
01:32
So for number of heads 3, 2, 1, and 0.
01:37
These are the possible heads and the probability will be 3 heads are possible in only one case, so 1 over 8.
01:48
2 heads are possible in 3 cases, so 3 over 8.
01:51
1 is possible in 3 cases, so 3 over 8.
01:54
0 is possible in 1 case, so 1 over 8.
01:57
Next, profit...