Determine what is the expected value of each ticket

Assignment Help Econometrics

Reference no: EM13222609

If the PowerBall lottery has $100 million prize, and tickets cost $1.00 each, and there are 500 million tickets sold, what is the expected value of each ticket? Is it rational to purchase a ticket? What if you know that only 50 million tickets have been sold? Explain why, if people tend to use their childrens' birthdays when selecting numbers to play on the "Pick Three" lottery, you might be better off using the last six digits of your Social Security number.

Reference no: EM13222609

Questions Cloud

Writing a hypothesis about federal government : Looking for help writing a hypothesis about federal government versus contracting. Also some research information that help test the hypothesis. Please be specific as possible.

State the professional members of the courtroom workgroup : State the professional members of the courtroom workgroup and explain their roles.

Different perspectives related to the problem : Business Communication Course: Write a report in which you put forward the results of your research and your recommendations to your company or organization.

What steps should you take to do a similar survey : We looked at surveys as a means of developing data using linear programming. In the Management Sciences Association example, we looked a survey requiring significant preparation. What steps should you take to do a similar survey?

Determine what is the expected value of each ticket : What if you know that only 50 million tickets have been sold. Explain why, if people tend to use their childrens' birthdays when selecting numbers to play on the "Pick Three" lottery, you might be better off using the last six digits of your Socia..

What is the area of feasible soltuion on a graph : what is the area of feasible soltuion on a graph?

Explain how many grams of ethyl alcohol added to water : How many grams of ethyl alcohol, C2H5OH, must be added to 1.000 kg of water so that the solution will not freeze until -20 degrees Celsius? For water, Kf=1.86 degrees Celsius/m

What is the minimum possible cycle time for this production : without considering projected demands , what is the minimum possible cycle time for this production line?

Verify the prospective partners capabilities : approach prospective clients to get their perpective on the agreement and esure that there is a market for the new technology they want to develop.

User Account

All Pages