Describe the probability distribution of y

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Reference no: EM131853776

A lottery that sells 150,000 tickets has the following prize structure:

(1) first prize of $50,000

(2) 5 second prizes of $10,000

(3) 25 third prizes of $1000

(4) 1000 fourth prizes of $10

(a) Let Y be the winning amount of a randomly drawn lottery ticket. Describe the probability distribution of Y.

(b) Compute the mean or expected value of the ticket.

(d) Compute the standard deviation of this distribution. Comment on the usefulness of the standard deviation as a measure of dispersion for this distribution.

Reference no: EM131853776

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