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charity organization hosts a raffle drawing at a fund-raising event. The organization sells 2500 tickets at a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000. Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game once (remember that the net gain should include the cost of the ticket). 1. Use the table below to help you construct a probability distribution for all of the possible values of X and their probabilities. X (Net Gain) 7992 492 92 -8 1 2500 Probability =.0004 10 2500 =.004 30 2600 .012 2459 2500 =.9832 100-8=92 500-8= 492 8000-8=7992 -8 Mean-7992X0004 + 492x.004 +92X.012 -8x.983b = -1.60 2. Find the mean/expected value of X. (Round to two decimal places.) 3. In complete sentences, describe the interpretation of what your value from #2 represents in the context of the raffle. When you buy one ticket from the raffle then on average you will end up losing $1.6. 4. If you were to play in such a raffle 100 times, what is the expected net gain? 100 X-1.6--$160, so you would lose $160 5. Would you choose to buy a ticket for the raffle? (Your response should be a short paragraph, written in complete sentences, to explain why or why not.) 6. What ticket price would make it a fair game, so that, on average, neither the players nor the organizers of the raffle win or lose money? (Round to two decimal places.) 7. If you were organizing a raffle like this, how would you change the game (ticket prices, number of tickets, prize amounts, etc.) in order to encourage more people to purchase tickets while still raising at least $4,000 for your organization? Your response should include a short paragraph, written in complete sentences, with an explanation of the specific adjustments or changes that you would make and how these changes would encourage more people to purchase tickets. 8. Construct a new probability distribution describing the net gain (from the player's perspective) for the game with your proposed changes from #7.

charity organization hosts a raffle drawing at a fund-raising event. The organization sells 2500 tickets at a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000. Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game once (remember that the net gain should include the cost of the ticket). 1. Use the table below to help you construct a probability distribution for all of the possible values of X and their probabilities. X (Net Gain) 7992 492 92 -8 1 2500 Probability =.0004 10 2500 =.004 30 2600 .012 2459 2500 =.9832 100-8=92 500-8= 492 8000-8=7992 -8 Mean-7992X0004 + 492x.004 +92X.012 -8x.983b = -1.60 2. Find the mean/expected value of X. (Round to two decimal places.) 3. In complete sentences, describe the interpretation of what your value from #2 represents in the context of the raffle. When you buy one ticket from the raffle then on average you will end up losing $1.6. 4. If you were to play in such a raffle 100 times, what is the expected net gain? 100 X-1.6--$160, so you would lose $160 5. Would you choose to buy a ticket for the raffle? (Your response should be a short paragraph, written in complete sentences, to explain why or why not.) 6. What ticket price would make it a fair game, so that, on average, neither the players nor the organizers of the raffle win or lose money? (Round to two decimal places.) 7. If you were organizing a raffle like this, how would you change the game (ticket prices, number of tickets, prize amounts, etc.) in order to encourage more people to purchase tickets while still raising at least $4,000 for your organization? Your response should include a short paragraph, written in complete sentences, with an explanation of the specific adjustments or changes that you would make and how these changes would encourage more people to purchase tickets. 8. Construct a new probability distribution describing the net gain (from the player's perspective) for the game with your proposed changes from #7.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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ntitled Noteb... MATH 1324 Signature Assignment (1) Image X (Net Gain) 7992 x no T 1. All explanations must be typea. The supporting math work must be neatand suitable for copying or scanning to insert into this document. The final document should be saved and submitted as a single .pdf, .doc, or .rtffile. 2. Submit your assignment via Blackboard by the deadline established by your instructor. 492 Assignment: A charity organization hosts a raffle drawing at a fund-raising event. The organization sells 2500 tickets at a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000. Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game once (remember that the net gain should include the cost of the ticket). 92 1. Use the table below to help you construct a probability distribution for all of the possible values of X and their probabilities. -8 MATH 1324 Si... Probability =.0004 2500 10 2500 30 2600 =.004 = .012 2459. 2500 x =.9832 69% MATH 132... 100-8=92 500-8= 492 8000-8-7992 -8 abc Mean-7992X0004 + 492×.004 +92X.012 -8x.983b = -1.60 2. Find the mean/expected value of X. (Round to two decimal places.) 3. In complete sentences, describe the interpretation of what your value from #2 represents in the context of the raffle. When you buy one ticket from the raffle then on average you will end up losing $1.6. 4. If you were to play in such a raffle 100 times, what is the expected net gain? 100 X -1.6=-$160, so you would lose $160 5. Would you choose to buy a ticket for the raffle? (Your response should be a short paragraph, written in complete sentences, to explain why or why not.) 6. What ticket price would make it a fair game, so that, on average, neither the players nor the organizers of the raffle win or lose money? (Round to two decimal places.) 7. If you were organizing a raffle like this, how would you change the game (ticket prices, number of tickets, prize amounts, etc.) in order to encourage more people to purchase tickets while still raising at least $4,000 for your organization? Your response should include a short paragraph, written in complete sentences, with an explanation of the specific adjustments or changes that you would make and how these changes would encourage more people to purchase tickets. 8. Construct a new probability distribution describing the net gain (from the player's perspective) for the game with your proposed changes from #7.
Transcribed Image Text:ntitled Noteb... MATH 1324 Signature Assignment (1) Image X (Net Gain) 7992 x no T 1. All explanations must be typea. The supporting math work must be neatand suitable for copying or scanning to insert into this document. The final document should be saved and submitted as a single .pdf, .doc, or .rtffile. 2. Submit your assignment via Blackboard by the deadline established by your instructor. 492 Assignment: A charity organization hosts a raffle drawing at a fund-raising event. The organization sells 2500 tickets at a price of $8 each. Winning tickets are randomly selected, with 30 prizes of $100, 10 prizes of $500, and 1 grand prize of $8000. Suppose you buy one ticket. Let the random variable X represent your net gain from playing the game once (remember that the net gain should include the cost of the ticket). 92 1. Use the table below to help you construct a probability distribution for all of the possible values of X and their probabilities. -8 MATH 1324 Si... Probability =.0004 2500 10 2500 30 2600 =.004 = .012 2459. 2500 x =.9832 69% MATH 132... 100-8=92 500-8= 492 8000-8-7992 -8 abc Mean-7992X0004 + 492×.004 +92X.012 -8x.983b = -1.60 2. Find the mean/expected value of X. (Round to two decimal places.) 3. In complete sentences, describe the interpretation of what your value from #2 represents in the context of the raffle. When you buy one ticket from the raffle then on average you will end up losing $1.6. 4. If you were to play in such a raffle 100 times, what is the expected net gain? 100 X -1.6=-$160, so you would lose $160 5. Would you choose to buy a ticket for the raffle? (Your response should be a short paragraph, written in complete sentences, to explain why or why not.) 6. What ticket price would make it a fair game, so that, on average, neither the players nor the organizers of the raffle win or lose money? (Round to two decimal places.) 7. If you were organizing a raffle like this, how would you change the game (ticket prices, number of tickets, prize amounts, etc.) in order to encourage more people to purchase tickets while still raising at least $4,000 for your organization? Your response should include a short paragraph, written in complete sentences, with an explanation of the specific adjustments or changes that you would make and how these changes would encourage more people to purchase tickets. 8. Construct a new probability distribution describing the net gain (from the player's perspective) for the game with your proposed changes from #7.
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