Suppose that two lotteries each have 1,000 possible numbers and the same payoff. In terms of expected gain, is it better to buy two tickets from one of the lotteries or one from each?

2)Two teams, A and B, play a series of games. If Team A has a probability of 0.4 of winning each game, is it to Team A’s advantage to play the best three out of five games or the best four out of seven? Assume the outcomes of successive games are independent.

• plz give opinions on two of them

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1 2 Step 1 The two lotteries each have 1000 possible numbers and the same payof... View the full answer