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The local lottery sets up a game wherein a player has a chance of collecting $800.
The player must choose a 3-digit number and if it matches the lottery number, the player receives $800
000 is a 3-digit number for lottery draws. (As are 001, 023, etc.)
It costs $2 to play the game.
What is each player's expected profit (or loss)
The AVERAGE!
No words, if it's a loss of $0.02, write it as -$0.02
NOT loss of 2 cents.
The FORMAT that is expected
$4.00, -$4.00 etc. (Neither of which is the correct answer!)
NO, $-4.00 would NOT be correct...even if -$4 were the correct answer)
advantages of simple regression method for cost estimation.
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