I came across this really interesting teaser at glassdoor.com. Anyone have much of an idea on what would be the best answer to some of these q's.
“You have a single dice. You have a single roll. If you choose to play the game, you will be paid out in dollars of the value of whatever face the dice shows after the roll (1 = $1, 5 = $5, etc.).
A) What is the value of this game?
B) If you were bidding on this game, what bid price would you submit?
C) At this bid price, what would your expected profit be if you played for 12 hours?
D) If you were allowed two chances to roll. i.e. you could roll the first dice, if you don't like the number, you can elect to roll again. What is the expected value?”