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lys-0071 [83]
3 years ago
11

Most states and Canadian provinces have government-sponsored lotteries. Here is a simple lottery wager, from the Tri-State Pick

3 game that New Hampshire shares with Maine and Vermont. You choose a three-digit number; the state chooses a three-digit winning number at random and pays you $500 if your number is chosen. Because there are 1000 three-digit numbers, you have probability 1/1000 of winning. Taking X to be the amount your ticket pays you, the probability distribution of X is Payoff X Probability: $0.00 0.999 What is your average payoff from many tickets
Mathematics
1 answer:
kondaur [170]3 years ago
3 0

Answer:

For many(n) tickets, the average payoff is 0.5n, in which n is the number of tickets.

Step-by-step explanation:

1/1000 chance of winning.

This means that there is an 1/1000 probability of you earning $500.

1 - 1/1000 = 999/1000 chance of losing.

In this case, you earn nothing.

What is your average payoff from many tickets

A = \frac{500*1}{1000} + \frac{0*999}{1000} = \frac{500}{1000} = 0.5

Your average payoff from a ticket is 0.5. So for many(n) tickets, the average payoff is 0.5n, in which n is the number of tickets.

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2u - 3 + 3 < 1 + 3

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u < 2       (u is any number less than 2)

When the inequality sign is >/< (greater than/less than), the dot/endpoint is an open/unfilled circle.

When the inequality sign is ≥/≤ (greater than or equal to/less than or equal to), the dot is a closed/filled circle.

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Start making a ray by placing an open circle on 2(click on the dot/endpoint to change it to be open if it isn't already), then have the ray point left where the numbers would be decreasing because "u" is any number less than 2. If you can place the end of the ray at the end of the number line.

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