A certain state lottery awards 418 prizes 28-200 prizes, Ask an Expert

Statistics

A certain state lottery awards 418 prizes; 28-$200 prizes, 120-$25 prizes and 270-$20 prizes, for every 10,000 tickets sold.

a.) Determine what the expected winnings per ticket; over the long term? (Expected value) Explain.

b.) What is the minimum the lottery should charge per ticket if they expect to make a profit?

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9355886

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

Five houses in a row are each to be painted with one of the

Five houses in a row are each to be painted with one of the colors? red, blue,? green, and yellow. In how many different ways can the houses be painted so that no two adjacent houses are of the same? color? Answer is 324 ...

A college offers 2 introductory courses in history 3 in

A college offers 2 introductory courses in history, 3 in science, 4 in philosophy, 4 in mathematics, and 5 in English. If a freshman takes one course in each area during her first semester, how many course selections are ...

Do you have a credit card or use some other form of

Do you have a credit card or use some other form of consumer credit? Identify what you currently use, if any. If you do not use credit, discuss a type of credit that you might consider in the future. What advantages does ...

Letnbspxbar6nbspdenote the sample mean of a

Let X(bar) 6 denote the sample mean of a sample X 1 , X 2 , ..., X 6 from Unif (-1, 3). (a) What is the expected value of X(bar) 6 ? (b) What is the variance of X(bar) 6 ?

Fifty-seven percent of employees make judgements about

Fifty-seven percent of employees make judgements about their co-workers based on the cleanliness of their desk. You randomly select 8 employees and ask them if they judge co-workers based on this criterion. The random va ...

In a club with 9 male and 10 female members a 4-member

In a club with 9 male and 10 female? members, a 4?-member committee will be randomly chosen. Find the probability that the committee contains at least 3 women.

If you are constructing a confidence interval for a

If you are constructing a confidence interval for a population mean, for the same confidence level, the width of the confidence interval will __________ as the sample size increases. Decrease Increase Stay the same Depen ...

Lets see how much you have been paying attention for your

Let's see how much you have been paying attention. For your first Pause-Problem in this chapter, please tell me three things that differentiate parametric from non-parametric tests (Hint: There are actually four, so see ...

A hotel claims thatnbsp95 of its customers are very

A hotel claims that 95?% of its customers are very satisfied with its service. Complete parts a through d below based on a random sample of seven customers. What is the probability that more than six customers are very? ...

Explain how each of the following situations would affect

Explain how each of the following situations would affect interest rate and consequently, the equity market. a) Sudden increase of capital expenditure by the businesses b) Decrease of household savings in the market c) S ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert