You buy a lottery ticket that costs $10 per ticket. There are only 100 tickets availible to be sold in this lottery. In this lottery, there are one $500 prize, two $100 prizes, and four $25 prizes. complete the probability distribution and compute the mean and standard deviation of the distribution. Round to the nearest hundreth. Show all calculations. Once done interpret the mean in terms of the lottery.
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
You buy a lottery ticket that costs $10 per ticket. There are only 100 tickets availible to be sold in this lottery. In this lottery, there are one $500 prize, two $100 prizes, and four $25 prizes. complete the probability distribution and compute the mean and standard deviation of the distribution. Round to the nearest hundreth. Show all calculations. Once done interpret the mean in terms of the lottery.
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