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The company wants to optimize its marketing expenditures to minimize its expected cost to acquire new customers. Which of the following pieces of information is not needed to do so?
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Brett runs a casino. The odds that a person wins on a single hand of blackjack are 50%. Brett has had millions of people come through his casino. One day, a pit boss tells Brett that someone has just won 20 hands of blackjack in a row. Brett concludes that due to the length of this streak, the wins cannot possibly be fair (or in other words, random). Is Brett’s reasoning correct? That is to say, is Brett correct to conclude that a person cannot possibly win 20 hands of blackjack in a row without cheating?
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