Consider a "50/50" lottery scenario at a hockey game with 25,000 attendees. Tickets cost $1 each and the winner receives 50% of how much money is collected through ticket sales. The House (the group that runs the lottery) guarantees the winner will receive at least $1000 (if less than 2000 tickets are sold, the House will put in enough money to reach $1000). 

a) What is the net gain of the attendees if exactly one person purchases one ticket. 

b) What is the net gain of the attendees if 2000 tickets are purchased.

c) Find a formula for the net gain of the attendees if tickets are purchased where 1 1000

d) Find a formula for the net gain of the attendees if tickets are purchased where > 1000

Answer rating: 100% (QA)

a If exactly one person purchases one ticket the total amount collected through ticket sales is 1 Th... View the full answer