Question: Find the likelihood as a function of the binomial proportion p in each of the following cases, and find the maximum likelihood. One out of

Find the likelihood as a function of the binomial proportion p in each of the following cases, and find the maximum

likelihood.

  1. One out of 150 people you know wins $500 in a raffle that costs $5 to enter. Find the maximum likelihood estimator of

the probability of winning the raffle. What is your best guess of the average payoff?

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