Assume that there are 20 m& ms in a bowl (5 red, 11 yellow, 4 green).
a. what is the probability of picking 4 m& ms that are the same color? (hint: think about how to count the number of ways to pick 4 of 1 color and 0 of another color. also, think about how many possible ways to pick 4 from the 20 total m& ms)
b. assume that your utility is 5 if you have 4 m& ms 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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