Lottery standard deviation of profit per ticket

Assignment Help Business Economics
Reference no: EM132118558

One state lottery has 1,100 prizes of $1; 145 prizes of $10; 20 prizes of $75; 5 prizes of $285; 2 prizes of $1,080; and 1 prize of $2,300. Assume that 24,000 lottery tickets are issued and sold for $1.                                   

1) What is the lottery's standard deviation of profit per ticket?

One state lottery has 1,000 prizes of $1; 135 prizes of $10; 25 prizes of $50; 5 prizes of $375; 2 prizes of $1,060; and 1 prize of $2,300. Assume that 38,000 lottery tickets are issued and sold for $1.

2) What is the lottery's expected profit per ticket?

Reference no: EM132118558

Questions Cloud

Comment on your experience as either consumer : Comment on your experience as either a consumer or employee using cloud computing (ERP).
What is the probability that both say service is poor : You select two customers without replacement to get more information on their satisfaction. What is the probability that both say service is poor?
What is the p value : What is the p value? I know the test statistic is 2.65. I got that the p value was 0.008. I am not sure if this correct.
Concept of conditional probability : This is a statistics probability question using the concept of conditional probability. The question is:
Lottery standard deviation of profit per ticket : 1) What is the lottery's standard deviation of profit per ticket?
Test of reading comprehension compared : Word problem: Lucy wants to know how her fourth-grade daughter, Monica, scored on a test of reading comprehension compared to the population of other fourth
Evaluating a screening program : Compulsory Hurdle Task - The CEO is excited by this company's test accuracy. What would you say to the CEO regarding this companies claim to be 95% accurate
Described the fossil fuel chain seem reasonable : Watch the video and answer the following question - Does breaking the fossil fuel chain as described in the video seem reasonable? Why or why not
What is the probability that the random variable : What is the probability that the random variable will assume a value between 80 and 250? If required, round your answer to four decimal places.

Reviews

Write a Review

Business Economics Questions & Answers

  Fiscal policy play during a depression

What would government do with its fiscal policy play during a depression? What is the Federal Reserve most likely to do with monetary policy in the course of a depression?

  What is the approximate expected real interest rate

Suppose you have a fixed-rate mortgage with a nominal interest rate of 6% and the expected annual inflation rate over the life of the mortgage is 2%. What is the approximate expected real interest rate?

  How will this affect output and unemployment in long run

How will this affect output and unemployment in the long run? c) Use an AS-AD graph to show the transition from the short run to the long run.

  Q1 elucidate average costs are minimized when marginal

q1. elucidate average costs are minimized when marginal costs are at their lowest point.q2. the provide side economics

  Bureaucrats for interfering with free markets across

According to Hazlitt, what is the motivation or thought-process that explains attempts by elected government representatives or bureaucrats for interfering with free markets across the various examples he provides?

  Explain what are the repercussions physical environment

Explain what are the repercussions Physical environment. Some variables of interest might include climate change, shipping delays, recycling, urban development, availability or access to water and other resources.

  Find the pw of proceeding with rollout of a new product

The first cost of the production facilities will be $225K. Salvage values will about equal removal costs after production is terminated.

  Explain why both strict liability and negligence

Explain why both strict liability and negligence (with the correct standard of care) are efficient when the appropriate action removes all harm to third parties, but only strict liability is efficient when there is residual harm.

  What distinguishes remedies under the ucc contract disputes

What distinguishes the remedies under the UCC contract disputes and that from Common Law contracts? Why did the UCC drafters make these distinctions? Mitsch V. Rockenbach Chevrolet is found on page 281. Do you agree with the courts decision. What fac..

  The gross domestic product

The gross domestic product of countries Babistan, Turma, and Deru are $1,500, $2,500, and $3,500, respectively. There are 1,500 miles between country Babistan and countries Turma, and Deru. Does the gravity equation predict that there will be more tr..

  How would you characterize the competition market structure

How would you characterize the competition (market structure) in the restaurant industry? Are there submarkets?  If so, do these submarkets have distinct competitive pressures?  How may a restaurant maximize profits?

  Why does regular-individual supply curve slope upward

Why does a regular/individual supply curve slope upward? Does aggregate supply (AS) curve slope upward because of the same reason(s)? If no, why does it slop upward?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd