Please do not give solution in image format thankuYou want to host a giveaway on Facebook to promote your new side hustle. You are giving away a $50 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, $.50 per like/follow. Your giveaway deadline passes, and you have 189 new followers on your Facebook page since the giveaway was first promoted. Using expected value, answer the following:Was this a successful giveaway (in terms of expected value)?How many followers would have made this giveaway a “fair game”?What would the expected value have been if you only gained 94 new followers?

To determine the success of the giveaway in terms of expected value, we…

Answered: You want to host a giveaway on Facebook…

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Please do not give solution in image format thanku

You want to host a giveaway on Facebook to promote your new side hustle. You are giving away a $50 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, $.50 per like/follow. Your giveaway deadline passes, and you have 189 new followers on your Facebook page since the giveaway was first promoted. Using expected value, answer the following:
1. Was this a successful giveaway (in terms of expected value)?
2. How many followers would have made this giveaway a “fair game”?
3. What would the expected value have been if you only gained 94 new followers?

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