An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. Theamounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows:10100Distribution, $Probability00.8520.10550.0250.0130.007If tickets cost $2, determine the expected long-term income to the state per ticket, based on this sample.The expected long-term income to the state iscents per ticket.

Depending on the context—for example, for taxes, financial accounting, or economic analysis—income…

An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: 2 10 100 Distribution, $ 0 Probability 5 0.025 0.85 0.105 0.013 0.007 If tickets cost $2, determine the expected long-term income to the state per ticket, based on this sample. The expected long-term income to the state is cents per ticket.

An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: 2 10 100 Distribution, $ 0 Probability 5 0.025 0.85 0.105 0.013 0.007 If tickets cost $2, determine the expected long-term income to the state per ticket, based on this sample. The expected long-term income to the state is cents per ticket.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Required information An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: 2 5 Distribution, $ 0 Probability 10 0.013 0.045 0.025 NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part. 0.91 100 0.007 If tickets cost $2, determine the expected long-term income to the state per ticket, based on this sample. The expected long-term income to the state is 96 cents per ticket.
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