At a raffle, 100 tickets are sold for 1 prize of $100 and 3 consolation prizes of $20. If the ticket is worth $2, what would be the expected value?
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At a raffle, 100 tickets are sold for 1 prize of $100 and 3 consolation prizes of
$20. If the ticket is worth
$2, what would be the expected value?
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- Y = 30 - 25X + error What is the expected value of Y when X is 0? Y = 10 + 13.57*X + error By how much does the expected value of Y change if X increases by 18.02 units? (Round your answer to two decimal places: ex: 123.45)A wheel of fortune in a gambling casino has 54 different slots in which the wheel pointer can stop. Four of the 54 slots contain the number 9. For a 1 dollar bet on hitting a 9, if he or she succeeds, the gambler wins 10 dollars plus the return of the 1 dollar bet. What is the expected value of this gambling game? What is the meaning of the expected value result?Find the expected value assuming the risk factor is 30 % and the interest rate 12%, if you will receive $20,000 one year from today.please show work
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- A firm wants to maximize its expected profit. The firm must choose the production quantity q. The production cost is C=2q2 . However, the firm is uncertainty about the price consumers will be willing to pay for the product. With probability 75% the consumers will be willing to pay $24 per unit of output q. With probability 25% consumers will only be willing to pay $8. The firm must choose q before it learns if the price will be high or low. a) Compute the quantity q that maximizes the firm’s expected profit. Find the expected profit given this optimal quantity. b) Suppose that a consulting company knows exactly how much consumers are willing to pay. How much would the firm be willing to pay for this information?A drug company is considering investing $100 million today to bring a weight loss pill to the market. At the end of one year, the firm will know the payoff; there is a 0.50 probability that the pill will sell at a high price and generate $37 million per year of profit forever and a 0.50 probability that the pill will sell at a low price and generate $I million per year of profit forever. The interest rate is 10%. Suppose the firm decides to wait one year to determine whether the pill will sell at a high or low price. The firm will not invest if it learns that the pill will sell at a low price. What is the net present value of waiting one year to make the investment?O $88 millionO$122.72 millionO $201.22 millionO $64.5 millionThe probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance is shown as follows: there is a 62% chance there won't be a claim ($0), a 11% chance of a $1000 claim, a 8% chance of a $2700 claim, and otherwise, the claim will be $9000. What is the expected value of an insurance claim for this company? (please express your answer using 2 decimal places).
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