Consider the following two lottery-type games:
Game 1: You pick one number between 1 and 50 . After you have made your
choice, a number between 1 and 50 is selected at random. If the selected
number matches the number you picked, you win. Game 2: You pick two numbers
between 1 and 10 . After you have made your choices, two different numbers
between 1 and 10 are selected at random. If the selected numbers match the two
you picked, you win.
a. The cost to play either game is \(\$ 1,\) and if you win you will be paid \(\$
20 .\) If you can only play one of these games, which game would you pick and
why? Use relevant probabilities to justify your choice.
b. For either of these games, if you plan to play the game 100 times, would
you expect to win money or lose money overall? Explain.