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
Answer:
a) consumer
$5
Explanation:
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Willingness to pay is the highest amount a consumer would be willing to pay for a product. The willingness to pay in this question is $30.
The price of the goods is $35 but Alice would pay ($35 - $10) = $25
The consumer surplus is $30 - $25 = $5
Producer surplus is the difference between the price of a product and the lowest price a supplier would be willing to sell his product.
I hope my answer helps you.
<span>B. A loan which is repaid with interest in monthly payments
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Answer:
1. quickly describe large amounts of data
2. the stock is worth 15% more at the end of the year than at the beginning
3. 9.2%
Explanation:
Descriptive statistics helps to quickly describe large amounts of data because it simply involves using certain measurement tools to describe the data seen such that patterns emerge that will help in analyzing the data. Examples include, frequency tables and measures of variation like range and standard deviation.
When a stock has a 15% return, it means that the owner is getting 15% more than the amount that the stock cost them therefore showing that the stock is worth 15% more at the end of the year than at the beginning.
The return on the stock is;
= (4.75 - 4.35) / 4.35
= 9.2%
