Assume that there are 20 MMs in a bowl 5 red 11 yellow 4 gre
Assume that there are 20 M&M’s in a bowl (5 red, 11 yellow, 4 green). a) What is the probability of picking 4 M&M’s that are the same color? b) Assume that your “utility” is 5 if you have 4 M&M’s of at least 2 colors, and a “utility” of 1 if all 4 are of the same color. What is your expected value of utility and your variance of utility?
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