You are given two dice. One is "loaded" so that '6' appears 50% of the time, and the other numbers (1,2,3,4,5) appear 50% of the time with equal probability. I will pay $1 for every point you roll (e.g. if you roll a 2 and 3, I will pay you $5). What would you pay for the right to roll the set of dice? Explain your answer.
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You are given two dice. One is "loaded" so that '6' appears 50% of the time, and the other numbers (1,2,3,4,5) appear 50% of the time with equal probability. I will pay $1 for every point you roll (e.g. if you roll a 2 and 3, I will pay you $5). What would you pay for the right to roll the set of dice? Explain your answer.
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