Question

In Oregon Lottery $3 Scratch It games a ticket costs $3.00 and the prizes are listed belos:  

a. Complete the Table

Prize	Probability
$30,000	.000006
$100	.00007
$10
Nothing	.9749

b. What is the expected Value of money won or lost?

c. What is the variance of money won or lost?

d. On average per game is Oregon making money or losing money, and by how much?

Answer 1

In Oregon Lottery $3 Scratch It games a ticket costs $3.00 and the prizes are listed belos:  

a. Complete the Table

Prize	Probability
$30,000	.000006
$100	.00007
$10
Nothing	.9749

x	p(x)	x*p(x)	(x-mean)^2*p(x)
30000	0.000006	0.18	5400.8955
100	0.00007	0.007	0.7353
10	0.025024	0.25024	3.9022
-3	0.9749	-2.9247	0.2561
Total	1.000	-2.487	5405.7890

b. What is the expected Value of money won or lost?

expected Value = $-2.49

c. What is the variance of money won or lost?

d. On average per game is Oregon making money or losing money, and by how much?

On average per game, Oregon losing money is $2.49.