Suppose there are three ticket prices at concert

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Suppose there are three ticket prices at a concert: $55, $65, and $90. You decide to try your luck at the last minute and prefer the cheapest ticket possible. There is a 50% chance that the $55 ticket is available, a 30% chance that $65 is the cheapest one, and a 20% chance that only $90 tickets are still available. What is your expected ticket price?

Reference no: EM131244359

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Suppose there are three ticket prices at concert : Suppose there are three ticket prices at a concert: $55, $65, and $90. You decide to try your luck at the last minute and prefer the cheapest ticket possible. There is a 50% chance that the $55 ticket is available, a 30% chance that $65 is the cheape..

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