Suppose there are three ticket prices at a concert 55 65, Ask an Expert

Economics

Suppose there are three ticket prices at a concert: $55, $65, and $90. You decide to try your luck at the last minute and prefer the cheapest ticket possible. There is a 50% chance that the $55 ticket is available, a 30% chance that $65 is the cheapest one, and a 20% chance that only $90 tickets are still available. What is your expected ticket price?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92000220

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