An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. Theamounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows:10100Distribution, $Probability00.8520.10550.0250.0130.007If tickets cost $2, determine the expected long-term income to the state per ticket, based on this sample.The expected long-term income to the state iscents per ticket.

Depending on the context—for example, for taxes, financial accounting, or economic analysis—income…

An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: 2 10 100 Distribution, $ 0 Probability 5 0.025 0.85 0.105 0.013 0.007 If tickets cost $2, determine the expected long-term income to the state per ticket, based on this sample. The expected long-term income to the state is cents per ticket.

An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: 2 10 100 Distribution, $ 0 Probability 5 0.025 0.85 0.105 0.013 0.007 If tickets cost $2, determine the expected long-term income to the state per ticket, based on this sample. The expected long-term income to the state is cents per ticket.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter17: Making Decisions With Uncertainty

Section: Chapter Questions

Problem 2MC

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