It cost one dollar to buy a lottery ticket, which has five prizes. The prizes and the
Question:
It cost one dollar to buy a lottery ticket, which has five prizes. The prizes and the probability that a player wins the prize are listed here. Calculate the expected value of thepayoff.
Transcribed Image Text:
Prize ( 1 ml200,000 50,000 Probability 110 milion 1/1 million 1/500,000 Prize ( 10,000 Probability 1/50,000 1,000 1/10,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (12 reviews)
Expected payoff 70 cen...View the full answer
Answered By
David Ngaruiya
i am a smart worker who concentrates on the content according to my clients' specifications and requirements.
4.50+
7+ Reviews
19+ Question Solved
Related Book For
Statistics For Management And Economics Abbreviated
ISBN: 9781285869643
10th Edition
Authors: Gerald Keller
Question Posted:
Students also viewed these Statistics questions
-
On the way to Stop&Shop, you buy a lottery ticket and win $100,000. The catch is that the money will be paid to you in two installments: $50,000 today and $50,000 at the end of 5 years from now. a....
-
If you buy a lottery ticket in 50 lotteries, in each of which your chance of winning a prize is 1/100, what is the (approximate) probability that you will win a prize (a) At least once? (b) Exactly...
-
While traveling through Pennsylvania, Ann decides to buy a lottery ticket for which she selects seven integers from 1 to 80 inclusive. The state lottery commission then selects 11 of these 80...
-
In February, a new company incurred the following total costs for the production of 10,000 units during its first month of operations: Variable Fixed $500,000 $350,000 Manufacturing Overhead $250,000...
-
The debt-GDP ratio in Belgium exceeded 120% in the early 1990s and has fallen to just over 80% more recently. Italy had a debt-GDP ratio of about 100% even before the euro crisis. The rapid rise in...
-
Americo's controller walked into his office on Monday morning to find his phone ringing. "That you, Elwood?" the caller asked. Immediately recognizing the gravelly voice as that of Bertrand Bigbucks,...
-
(a) Consider the flash separation process shown in Figure 7.1. If using ASPEN PLUS, solve all three cases using the MIXER, FLASH2, FSPLIT, and PUMP modules and the RK-SOAVE option set for...
-
In the course of producing its output, a firm causes pollution. The government passes a law that requires the firm to stop polluting, and the firm discovers that it can prevent the pollution by...
-
Explain (with examples if possible) the difference between competitive isomorphism, "Best - fit" or contingency approach to HRM, and the resource based view of the firm.
-
Allie has bought a new apple orchard. The orchard has a single file of trees, numbered from 1 to N. Each tree has a certail number of ripe apples. Allie has a rule she wants to follow. She wants to...
-
The manager of a bookstore recorded the number of customers who arrive at a checkout counter every 5 minutes from which the following distribution was calculated. Calculate the mean and standard...
-
After an analysis of incoming faxes, the manager of an accounting firm determined the probability distribution of the number of pages per facsimile as follows: Compute the mean and variance of the...
-
Ergonomics is the science of making sure that human surroundings are adapted to human needs. How could statistics play a role in the following: a. Choosing the height of an office chair so that 95...
-
Which best describes Six Sigma? a. It reduces errors throughout the production process. b. It improves customer satisfaction. c. It identifies potential errors. d. It obtains near perfection through...
-
Which marketing era reflects the marketing philosophy of companies that give away a product to someone in need for every product purchased? a. Production concept era b. Sales concept era c. Societal...
-
Define: Young modulus, elastic limit, proportional limit, yield point, ultimate point, breaking point, modulus of rigidity, bulk modulus, and Poissons ratio.
-
Forecasting is the process that determines the future demand for employees. a) True b) False
-
Not-for-profit companies do not need marketing campaigns. a) True b) False
-
Estimate the limit numerically or state that the limit does not exist. If infinite, state whether the one-sided limits are or . lim sinh cos h0 1 h
-
What are three disadvantages of using the direct write-off method?
-
Suppose that two coherent, spherical sound sources, 1 and 2 , each generate the same amount of power \(P\). The distance between the sources is \(2 \lambda\). Point \(\mathrm{R}\) is on a line of...
-
Calculate the mean and standard deviation of the sample means stored in Column C. These are the mean and standard deviation of the simulated sampling distribution. Are they close to the theoretical...
-
Refer to Exercise 9.3.? In exercise 9.3 Repeat the simulation using the sample size n = 10. Draw the histogram using bins 1.0, 1.5, 2.0, . . . 6.0. Compare this histogram with the one you created in...
-
Repeat the experiment calculating the following for each sample. The Excel function that produces this statistic is VARP. Calculate the mean of these statistics. Discuss why we define the sample...
-
Explain the concept of Remote Procedure Call (RPC) in IPC? How does it differ from traditional local IPC mechanisms, and what are its advantages in distributed systems?
-
Suppose we use the conventional grade point equivalent given in the following table. GPA Point Table Letter Grade point equivalent grade A 4 B 3 C 2 D 1 F 0 What is Amy's GPA at the end of the...
-
Consider the function y = log(x). A. What is the value of logs(3)?. B. What is the value of log(9)?, 8 C. What is the x-intercept of y = log(x)?. Why? 4 D. Use your answers to help sketch the graph...
Study smarter with the SolutionInn App