A common practice at charitable events is to have a raffle drawing. Suppose 1000 tickets are sold for $2 apiece. Three tickets are drawn - third prize = $100, second prize = $200, and first prize = $300. What is the expected payoff per ticket for this raffle drawing?

Online Participation Discussion Week 4 For week 4, the online participation topic is on PDFs (probability distribution functions) and E's (expected values or expected payoffs). Choose one of the 5 games (A, B, C, D, E, or F). Make a PDF table for the game where x is the event, Payoff(x) is the amount won/lost if event x occurs, and P(x) is the probability that event x occurs. The expected payoff (i.e., the amount you would win/lose on average per play after playing the game many times) is E. Find E for the game you chose. x Payoff(x) P(x) Remember, all of the P(x)'s must add up to 1, i.e. P(x) = 1. E = P(xi)*Payoff(x) Payoff(x) *P(x) Online Week 4d: Raffles A common practice at charitable events is to have a raffle drawing. Suppose 1000 tickets are sold for $2 apiece. Three tickets are drawn - third prize = $100, second prize = $200, and first prize = $300. What is the expected payoff per ticket for this raffle drawing? x Payoff(x) P(x) Payoff(x) *P(x) 1st prize 2nd prize 3rd prize loss E=