Fair Play Statistics In Your World 
Student Notes
Teachers Notes
How Much to Charge?
 
Expecting To Lose
 

Wheel of Fortune

How Much to Charge?

Figure 1 - The wheel of fortune.

Ten tickets numbered 1 to 10 are all sold. Each number corresponds to one equal sector on the wheel of fortune shown in Figure 1.

The arrow is spun. It stops on one of the numbered sectors. The holder of the ticket with the same number wins a teddy bear.

The bear is worth £1.50.

a What should the stall charge for each ticket to break even?
b What is the least it should charge to make a profit?

Gary says 'We would make more profit if we sold each ticket for £1.00.'

c Is Gary right? Explain your answer.
d How much would.vou charge for a ticket?

 

Expecting to Lose
Gary decides to try his luck on this game. Tickets cost 20p each. The spinner is not biased in any way. The game is perfectly fair. He buys one ticket. He is one of 10 people equally likely to win.

Gary has one chance in 10 of winning. We say that the probability that Gary wins is 1 in 10, or 1/10

On average Gary could expect to win one bear in 10 games if he kept on playing. Assume he plays 10 games and wins one prize.

a How much did these 10 games cost him?
b How much is his prize worth?
c Look at your last two answers.
How much does he lose in 10 games?
d Copy and complete the following:
Gary expects to lose p in 10 games. This is an average of _____p each game.

It is possible to buy all 10 tickets and be sure of winning.

e Why is this not worth doing?

 

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