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kakasveta [241]
3 years ago
10

Suppose that $1 lottery tickets have the following probabilities and values: 1 in 5 to win a free ticket (worth $1), 1 in 100 to

win $5, 1 in 100,000 to win $1000, and 1 in 10 million to win $1 million. What is the expected value of a lottery ticket to the consumer
Business
1 answer:
Fantom [35]3 years ago
4 0

Answer:

$0.36

Explanation:

Expected value of the lottery ticket = (p1 x a1) + (p2 x a2) + (p3 x a3) + (p4 x a4)

p1 = probability of winning $1 = 1/5 = 0.2

a1 = $1

p2 =  probability of winning $5 = 1/100 = 0.01

a2 = $5

p3 =  probability of winning $1000 = 1/100,000 = 0.00001

a3 = $1000

p4 =  probability of winning $1 million = 1/10,000,000 = 0.0000001

a4 = $1 million

(0.2 x 1) + (0.01 x 5) + (0.00001 x 1000) + (1,000,000 x 0.00001) = $0.36

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All of the following statements about the geography of meat production in the United States and Canada are true EXCEPT: Consumer demand for organic foods has significantly decreased the amount of meat produced by most agribusiness firms.

Explanation:

Organic foods are grown without the use of synthetic additives like fertilizer and pesticides for plants, antibiotics and growth hormones for animals.

Consumer demand for organic products due to its health benefits has not significantly decreased the amount of meat produced by most agribusiness firms. Instead, it has created another lucrative business niche for meat production corporations.

Organic foods are now being produced to meet the demand for it along side with those that are not organic.

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Talia, a project manager, estimates that a project will take a year to complete. She gets the estimation approved, although it i
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Virtuoso, Expert, Ace

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2 years ago
Riley operates a plumbing business, and this year the three-year-old van he used in the business was destroyed in a traffic acci
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$4,600

Explanation:

Data provided in the question:

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3 0
3 years ago
Please help worth 100 points
UNO [17]

Answer:

19.) b, d

20.) d, a

21.) d, c

22.) a

23.) c

Hope This Helps!  Have A Nice Day!!

4 0
3 years ago
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