A children's cancer center sells 150 raffle tickets to raise money. Tickets cost $100 each. One...
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A children's cancer center sells 150 raffle tickets to raise money. Tickets cost $100 each. One ticket will be drawn at random for the $8000 prize: a new men's Rolex watch. A second hospital is also conducting a benefit raffle to raise funds. They have 8000 tickets that also cost $100 each, and one ticket will be drawn at random also for a $350,000 prize-a new custom home. Which raffle has the best value for you per ticket? Neither one; the expected net value of a ticket is the same for both raffles. O The first raffle, because there are fewer tickets from which to choose a winner. The second raffle, because the prize is bigger. The first raffle, because the expected net value per ticket is higher. The second raffle, because the expected net value per ticket is higher. A children's cancer center sells 150 raffle tickets to raise money. Tickets cost $100 each. One ticket will be drawn at random for the $8000 prize: a new men's Rolex watch. A second hospital is also conducting a benefit raffle to raise funds. They have 8000 tickets that also cost $100 each, and one ticket will be drawn at random also for a $350,000 prize-a new custom home. Which raffle has the best value for you per ticket? Neither one; the expected net value of a ticket is the same for both raffles. O The first raffle, because there are fewer tickets from which to choose a winner. The second raffle, because the prize is bigger. The first raffle, because the expected net value per ticket is higher. The second raffle, because the expected net value per ticket is higher.
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Answer rating: 100% (QA)
C The second raffle because the prize is bigger A raffle may involve several separate prizes possibl... View the full answer
Related Book For
Statistics Principles and Methods
ISBN: 978-0470904114
7th edition
Authors: Richard A. Johnson, Gouri K. Bhattacharyya
Posted Date:
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