Question

One state lottery has 1,200 prizes of $1; 150 prizes of $10; 25 prizes of $65; 5 prizes of $350; 2 prizes of $1,280; and 1 prize of $2,600. Assume that 25,000 lottery tickets are issued and sold for $1.

What is the lottery's expected profit per
ticket?

(PLEASE ROUND OF TO 4 DECIMAL PLACE)

Answer #1

One state lottery has 1,200 prizes of $1; 110 prizes of $10; 25
prizes of $70; 5 prizes of $290; 2 prizes of $1,210; and 1 prize of
$2,500. Assume that 26,000 lottery tickets are issued and sold for
$1.
What is the lottery's expected profit per ticket?

One state lottery has 1,200 prizes of $1; 145 prizes of $10; 25
prizes of $60; 5 prizes of $285; 2 prizes of $1,040; and 1 prize of
$2,500. Assume that 27,000 lottery tickets are issued and sold for
$1.
What is the lottery's standard deviation of profit per
ticket?

One state lottery has 1,100 prizes of $1; 105 prizes of $10; 20
prizes of $60; 5 prizes of $350; 2 prizes of $1,030; and 1 prize of
$2,500. Assume that 29,000 lottery tickets are issued and sold for
$1.
1) What is the lottery's standard deviation of profit per
ticket?
2). What is the lottery's standard deviation of profit per
ticket?

One
state lottery has 1,100 prizes of $1; 105 prizes of $10; 25 prizes
$50; 5 prizes of $280; 2 prizes of $1,190; and 1 prize of $2,300.
Assume that 36,000 lottery tickets are issued and sold for $1.
1. What is the lottery’s expected profit per ticket?
2. What is the lottery’s standard deviation of profit per
ticket?

A lottery offers one $1000 prize, one $600 prize, two $300
prizes, and five $200 prizes. One thousand tickets are sold at $6
each. Find the expectation if a person buys three tickets. Assume
that the player's ticket is replaced after each draw and that the
same ticket can win more than one prize. Round to two decimal
places for currency problems.
The expectation if a person buys three tickets is $_______
please show work!
thank you!

A lottery has a grand prize of $380,000, three runner-up prizes
of $76,000 each, seven third-place prizes of $9500 each, and
twenty-four consolation prizes of $760 each. If 760,000 tickets are
sold for $1 each and the probability of any one ticket winning is
the same as that of any other ticket winning, find the expected
return on a $1 ticket. (Round your answer to two decimal
places.)

EXPECTED VALUE
A $1 lottery ticket offers a grand prize of $10,000; 10
runner-up prizes each pay $1000; 100 third-place prizes each pay
$100; and 1,000 fourth-place prizes each pay $10. Find the expected
value of entering this contest if 1 million tickets are sold.

a lottery offers one $800 prize one $700 prize two $300 prizes
and five $100 prizes. One thousand tickets are sold at $5 each.
find the expectation if a person buys two tickers. assume that the
players ticket is replaced after each draw and that the same ticket
can win more than one prize.

In another lottery, there are many winning prizes. One prize is
$1000, another prize is $200, and then there are eight $10 gift
cards. If each ticket costs $3 and exactly 800 tickets will be
sold, find the expected net gain (expected value) if someone buys
one ticket.

In a certain state lottery, a lottery ticket costs $1. In terms
of the decision to purchase or not to purchase a lottery ticket,
suppose that the following payoff table applies:
State of Nature
Win
Lose
Decision Alternative
s1
s2
Purchase Lottery Ticket, d1
550000
-1
Do Not Purchase Lottery Ticket, d2
0
0
A realistic estimate of the chances of winning is 1 in 290,000.
Use the expected value approach to recommend a decision. If
required, round your answer...

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