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ng away a gift card for your business. Anyo tered into the drawing. According to a rec earn, on average, $.40 per like/follow. a. Choose a dollar amount between $25 a Assume you have 172 new likes/follows

ng away a gift card for your business. Anyo tered into the drawing. According to a rec earn, on average, $.40 per like/follow. a. Choose a dollar amount between $25 a Assume you have 172 new likes/follows

A First Course in Probability (10th Edition)
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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Gift card amount: $55.00
You want to host a giveaway on Facebook to promote your new side hustle. You are giving away a gift card for your business. Anyone who likes/follows your Facebook page is entered into the drawing. According to a recent study, you predict your side hustle will earn, on average, $.40 per like/follow. a. Choose a dollar amount between $25 and $75 for your gift card giveaway. Assume you have 172 new likes/follows for your Facebook page during the giveaway time frame. Find the expected value for your giveaway. b. Was this a successful giveaway for your business (in terms of expected value)? Why? c. If you could go back in time, what changes would you make to the dollar amount of your gift card for the giveaway and why?
Transcribed Image Text:You want to host a giveaway on Facebook to promote your new side hustle. You are giving away a gift card for your business. Anyone who likes/follows your Facebook page is entered into the drawing. According to a recent study, you predict your side hustle will earn, on average, $.40 per like/follow. a. Choose a dollar amount between $25 and $75 for your gift card giveaway. Assume you have 172 new likes/follows for your Facebook page during the giveaway time frame. Find the expected value for your giveaway. b. Was this a successful giveaway for your business (in terms of expected value)? Why? c. If you could go back in time, what changes would you make to the dollar amount of your gift card for the giveaway and why?
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