Your expected profit is $24p-12, where p is the probability the coin lands gum down. This is a good deal if p>.5, but a bad deal if p<.5.
You surely wanted 0.3333, not 0.5.
No, 24*0.5 − 12 = 0 is the break even point where the expected profit is 0. For p>0.5 the deal is good, for p<0.5 the deal is bad.
I have read it as if the offered deal was $24 and $12 back in case of winning and ignored the equation. Thanks for correction.
You surely wanted 0.3333, not 0.5.
No, 24*0.5 − 12 = 0 is the break even point where the expected profit is 0. For p>0.5 the deal is good, for p<0.5 the deal is bad.
I have read it as if the offered deal was $24 and $12 back in case of winning and ignored the equation. Thanks for correction.