1. Required informationAn officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. Theamounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows:Distribution, $ 02510100Probability0.80.1550.0250.0130.007NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part.if tickets cost $3, determine the expected long-term income to the state per ticket, based on this sample.cents per ticket.The expected long-term income to the state is

Probability refers to the fraction of likelihood of an event occurring from a set of possible…

Required information An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: 2 5 10 100 Distribution, $ 0 Probability 0.8 0.155 0.025 0.013 0.007 NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part if tickets cost $3, determine the expected long-term income to the state per ticket, based on this sample. cents per ticket. The expected long-term income to the state is

Required information An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: 2 5 10 100 Distribution, $ 0 Probability 0.8 0.155 0.025 0.013 0.007 NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part if tickets cost $3, determine the expected long-term income to the state per ticket, based on this sample. cents per ticket. The expected long-term income to the state is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Required information
An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The
amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows:
Distribution, $ 0
2
5
10
100
Probability
0.8
0.155
0.025
0.013
0.007
NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part.
if tickets cost $3, determine the expected long-term income to the state per ticket, based on this sample.
cents per ticket.
The expected long-term income to the state is

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