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stealth61 [152]
3 years ago
11

You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery

. In this lottery there are one $430 prize, two $105 prizes, and four $30 prizes. Find your expected gain or loss.
Business
1 answer:
bazaltina [42]3 years ago
5 0

Answer:

-$2.4

Explanation:

Costs of lottery ticket $10 per ticket.

100 tickets available to be sold

One $430 prize

two $105 prizes

four $30 prizes

100 available tickets -7 prizes= 93

P(430) = 1/100

P(105) = 2/100

P(30) = 4/100

P(-10) = 93/100

-10(93/100) + 30-10 (4/100) + 105-10 (2/100) + 430-10 (1/100)

= -10(93/100) + 20(4/100) + 95(2/100) + 420(1/100)

= -9.3 + 0.8 + 1.9 + 4.2 = -2.4

Therefore the expected loss will be $2.4

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Draw a utility function over income u( I) that describes a man who is a risk lover when his income is low but risk averse when h
AysviL [449]

Answer:

Suppose there is an individual who needs a certain level of income, I°, in order to stay alive.  An increase in income above that level of income I° will have a diminishing marginal utility.  Below I°, the individual will be a risk lover and will take unfair gambles and risks in an effort to make large gains in income. Above I°, the individual will purchase insurance against losses.

6 0
2 years ago
The Appliance Depot realizes that many of its customers purchase several appliances at one time and may not have immediate cash
photoshop1234 [79]

Answer:

<u>Financing </u>

Explanation:

Financing refers to usage of money and funds to finance the marketing agencies and promotions, in addition to financing the movement of goods through different channels of distribution.

Retailers usually use credit schemes to induce customers such as, payment in installments with zero interest payments. Such schemes enhance sales and also build consumer trust.

In the given case, Appliance Depot offers credit services whereby customers are granted convenient payment terms such as no down payment and interest free installments. This represents the marketing function of financing wherein the retailer facilitates financing customer's purchase via such credit schemes.

5 0
3 years ago
If sales are $540,000, expenses are $440,000 and dividends are $50,000, what is the balance of income Summary prior to closing?
alexandr402 [8]

Answer:

d. It will have a credit balance of $100,000.

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.

So, the balance of income summary equals to

= Sales - expenses

= $540,000 - $440,000

= $100,000

The dividend should be deducted from the retained earning account. Hence, it will not be consider here

7 0
3 years ago
In dangerous professions like law enforcement and construction women are
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It would be C because women are thought to be physically weaker and not as useful as men. Women can be useful but in certain professions its a lot harder for them. Also men tend to be more willing to work when they get injured or such.

6 0
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A face-saving technique in which all parties involved in an embarrassing situation ignore it and continue their
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C) Studied nonobservance   <span>

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7 0
3 years ago
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