Birgitte Trahelion is a big fan of the local town fair and of statistics. The Town has a raffle to support the local animal shelter.  The town expects to sell 100 tickets at $3.00 per ticket.  First place wins $30, second place $15, and third place wins $5.  If Birgitte is acting rationally, over the long run, should she buy a raffle ticket?

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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12. Birgitte Trahelion is a big fan of the local town fair and of statistics. The Town has a raffle to support the local animal shelter.  The town expects to sell 100 tickets at $3.00 per ticket.  First place wins $30, second place $15, and third place wins $5.  If Birgitte is acting rationally, over the long run, should she buy a raffle ticket?

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