The engineering school held a raffle of an automobile with tickets selling for 50C each or three for $1. When the students were selling tickets, they noted that many people had trouble deciding whether to buy one or three tickets. This indicates the buyers' criterion was
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Suppose that a college sells tickets to a popular sport. Everyone likes tickets to big games more than tickets to games where their team is likely to win by a large margin (here called a big win). There are still two groups of people with different preferences; however, the first group likes big games more than the second group, while the second group likes big wins more than the first one. For simplicity, let's assume there is one game of each type per year and 1,000 people in each group. The table shows the willingness to pay of the two types of people for the two types of tickets. Use this information to answer the two questions: Assume that the college wants to maximize its ticket revenue and cannot tell which people fall into each category. The stadium is large enough to accommodate up to 2,000 people.
Breanna O.
Donna D.
7. A raffle offers a first prize of $1000, two second prizes of $500, and twenty third prizes of $50 each. If 10,000 tickets are sold at $1 each, find the expected value on the purchase of a ticket. A. Determine whether this is a discrete, binomial, or normal. B. Calculate the expected value or mean on the purchase of a $1 ticket. Check all that apply. Net Prize: 999, 499, 49, -1 Probability: 0.0001, 0.0002, 0.002, 0.9977 Discrete Binomial Net loss of $0.70 per ticket purchased. Net loss of $0.51 per ticket purchased. Net gain of $0.70 per ticket purchased. Net gain of $0.51 per ticket purchased. Normal Net gain of $386.50 per ticket purchased.
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