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sveta [45]
3 years ago
13

raffle is being held at a benefit concert. The prizes are awarded as follows: 1 grand prize of $6,600.00, 3 prizes of $800.00, 3

prize of $65.00, and 10 prizes of $20.00. Suppose 14500 raffle tickets are sold, if you buy one ticket for $1.00 then what is your expected value for this raffle?
Business
1 answer:
ser-zykov [4K]3 years ago
4 0

Answer:

-0.352

Explanation:

Total number of raffle tickets sold = 14,500

1 grand prize of $6,600, 3 prizes of $800, 3 prizes of $65 and 10 prizes of $20.

Therefore,

Probability of winning 1 grand prize of $6,600 = \frac{1}{14,500}

Probability of winning 3 prizes of $800 = \frac{3}{14,500}

Probability of winning 3 prizes of $65 = \frac{3}{14,500}

Probability of winning 10 prizes of $20 = \frac{10}{14,500}

Expected value:

=[(\frac{1}{14,500}\times 6,600) + (\frac{3}{14,500}\times 800) + (\frac{3}{14,500}\times 65) + (\frac{10}{14,500}\times 20)] - 1

=(0.455+0.166+0.013+0.014)-1

= 0.648 - 1

= -0.352

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The following labor standards have been established for a particular product: Standard labor-hours per unit of output 9.9 hours
topjm [15]

Answer:

-$30,250 favorable

Explanation:

labor efficiency variance = (standard quantity - actual quantity) x standard labor cost

  • actual quantity = 7,700 hours
  • standard quantity = 9.9 hours x 1,000 units = 9,900
  • standard labor cost = $13.70

labor efficiency variance = (7,700 - 9,900) x $13.70 = -$30,250 favorable variance

the variance is favorable, because less hours were actually used than forecasted

5 0
3 years ago
Which of the following represents procurement as part of the support value activities in a value chain​ analysis?
ArbitrLikvidat [17]

Answer:

E. Purchasing inputs such as raw materials, resources, equipment and supplies

Explanation:

In business, <u>Procurement</u><u> </u>is the process of acquiring goods/services in order to support operational activities.

It includes all the aspects related to a purchase: price ( estimates, biddings ) , payment terms, good specifications, quality, delivery, volumes, etc.

8 0
3 years ago
Western Company is preparing a cash budget for June. The company has $12,000 cash at the beginning of June and anticipates $30,0
topjm [15]

Answer:

$2,500

Explanation:

Opening balance                             $12,000

Cash receipts                                   $30,000

Cash disbursement                        ($34,500)

Closing balance                                $7,500

Minimum cash balance                    $10,000

Borrowing amount(1$0,000-$7,500)     $2,500

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7 0
3 years ago
Which goal is an example of a measurable goal
k0ka [10]
That you identify exactly what it is you will see, hear and feel when you reach your goal. It means breaking your goal down into measurable elements. You'll need concrete evidence.
8 0
3 years ago
Read 2 more answers
What is the range for the relative price of cloth such that the economy produces both cloth and food? From _______ to _______ .
dezoksy [38]

The answer is explained in detail below

Explanation:

a_{KC} = 2

a_{LC} = 2

a_{KF} = 3

a_{LF} = 1

Labor, L = 2000; Capital, K = 3000  

Labour constraint,

2Q_{c} + Q_{F} \leq 2000

Capital constraint ,

2Q_{c} + 3Q_{F} \leq 3000  

Solving the equation further, we get

Q_{F} \leq 2000 - 2Q_{C}

Q_{F} \leq 1000 - \frac{2}{3} Q_{C}

  • The range for the relative price of cloth such that the economy produces both cloth and food is  2/3 and 2
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  • High cloth  production → economy dips on labor → taking capital away from food  production → raising opportunity cost of cloth to 2 units of food.  
  • If relative price of cloth lies between 2/3 and  2 units of food, the economy  produces both goods.
  • If the price of cloth decreases below 2/3 → complete  specialization in food production → low compensation for producing cloth
  • If the price of cloth  rises above 2 → complete specialization in cloth production → low compensation for producing  food
4 0
3 years ago
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