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What would the expected value be if tickets were sold for $10 but there were 1000 tickets sold? Would the EV change?

What would the expected value be if tickets were sold for $10 but there were 1000 tickets sold? Would the EV change?

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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An organization is raising money for charity. They decide on having a raffle so there is a chance to win something while supporting a good cause. Raffle tickets are being sold at $20 per ticket. 500 tickets are being sold and one winner gets $400. Expected value of the raffle is : -20 (500/500)+(400)(20/500)= -$4 This is not a fair game because the EV is negative, but because it is a raffle benefitting charity, that is understandable
What would the expected value be if tickets were sold for $10 but there were 1000 tickets sold? Would the EV change? S
Transcribed Image Text:What would the expected value be if tickets were sold for $10 but there were 1000 tickets sold? Would the EV change? S
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