Asked by David
One thousand raffle tickets are sold for 1 dollar each. One price of 800.is to be awarded. Rena Condos purchases one ticket?
Determine her expected value
Determine the fair price of the ticket
1/800
1 dollar
Determine her expected value
Determine the fair price of the ticket
1/800
1 dollar
Answers
Answered by
bobpursley
expectedvalue=prizeamount*Prob(winning)
expected value=800*1/1000=.80 dollars
fair price=800/1000
expected value=800*1/1000=.80 dollars
fair price=800/1000
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