Required informationAn 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:25Distribution, $ 0Probability100.0130.0450.025NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part.0.911000.007If 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 is 96 cents per ticket.

Expected value is a concept in economics that refers to the average outcome of a probability…

Required information 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 5 10 Distribution, $ 0 Probability 0.91 0.045 0.025 0.013 NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part. 100 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 96 cents per ticket.

Required information 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 5 10 Distribution, $ 0 Probability 0.91 0.045 0.025 0.013 NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part. 100 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 96 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 8MC

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