Answer :
The "expected value of a ticket" is the probability of being drawn multiplied by the earnings associated to being drawn.
($1 is the price of the ticket which of course can be different).
So in this case probability is 1/2000 and the earnings would be valued $1000 (value of the plasma TV).
The expected value is 1/2000*1000=1000/2000=$0,5
This means you should not buy a $1 ticket to play except if this really brings you LOTS of amusement ;)
($1 is the price of the ticket which of course can be different).
So in this case probability is 1/2000 and the earnings would be valued $1000 (value of the plasma TV).
The expected value is 1/2000*1000=1000/2000=$0,5
This means you should not buy a $1 ticket to play except if this really brings you LOTS of amusement ;)
Answer:
$0.5
Step-by-step explanation:
"The expected value of one ticket" is what the cost of the television covers.
If 2000 tickets are sold for $ 1 the total amount of all tickets sold is
[tex]2000.(1)= 2000[/tex]
To calculate the expected value of a single ticket, we have to divide the cost of the TV by the price of all tickets sold.
[tex]\frac{1000}{2000}= 0.5[/tex]
