One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $200 . Suppose you buy 5 tickets. (A) Create a payoff table for 0 , 1 , 2 , and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5 ; if you have 1 winning ticket, you net $ 195 since your initial $5 will not be returned to you; and so on.) (B) What is the expected value of the raffle to you?
One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $200 . Suppose you buy 5 tickets. (A) Create a payoff table for 0 , 1 , 2 , and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5 ; if you have 1 winning ticket, you net $ 195 since your initial $5 will not be returned to you; and so on.) (B) What is the expected value of the raffle to you?
Solution Summary: The author calculates the payoff table for 0,1,2, and 3 winning tickets among the 5 tickets bought from the one thousand raffle tickets sold at 1 each.
One thousand raffle tickets are sold at
$1
each. Three tickets will be drawn at random (without replacement), and each will pay
$200
. Suppose you buy
5
tickets.
(A) Create a payoff table for
0
,
1
,
2
,
and
3
winning tickets among the
5
tickets you purchased. (If you do not have any winning tickets, you lose
$5
; if you have 1 winning ticket, you net
$
195
since your initial
$5
will not be returned to you; and so on.)
(B) What is the expected value of the raffle to you?
Martinez Auto Supplies has retail stores located in eight cities in California. The price they charge for a particular product in each city are vary because of differing competitive conditions. For instance, the price they charge for a case of a popular brand of motor oil in each city follows. Also shown are the number of cases that Martinez
Auto sold last quarter in each city.
City
Price ($)
Sales (cases)
Bakersfield
34.99
501
Los Angeles
38.99
1425
Modesto
36.00
294
Oakland
33.59
882
Sacramento
40.99
715
San Diego
38.59
1088
San Francisco
39.59
1644
San Jose
37.99
819
Compute the average sales price per case for this product during the last quarter? Round your answer to two decimal places.
Consider the following data and corresponding weights.
xi
Weight(wi)
3.2
6
2.0
3
2.5
2
5.0
8
a. Compute the weighted mean (to 2 decimals).
b. Compute the sample mean of the four data values without weighting. Note the difference in the results provided by the two computations (to 3 decimals).
Expert only,if you don't know it don't attempt it, no Artificial intelligence or screen shot it solving
Chapter 8 Solutions
Finite Mathematics for Business, Economics, Life Sciences, and Social Sciences (13th Edition)
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