2 Suppose 1000 raffle tickets are sold at a price of 5 each

Last updated: 4/4/2024

2 Suppose 1000 raffle tickets are sold at a price of 5 each Two first place tickets will be drawn with a prize worth 200 Five second place tickets will be drawn at a prize valued at 100 and ten third place tickets will be drawn at prize valued at 50 Find the expected value of the net gain to the consumer Note In this example X represents the net gain You have to be careful because this is a game you pay to play In other words if you win first prize you do not gain 200 you gain 195 because you paid for a ticket