Discussion:
Q1: 1000 tickets for prizes are sold for $2 each. Seven prizes will be awarded - one for $400, one for $200, and five for $50. Steven purchases one of the tickets.
a) Find the expected value
b) Find the fair price of the ticket.
Q2: During the last hour, a telemarketer dialed 20 numbers and reached 4 busy signals, 3 answering machines, and 13 people. Use this information to determine the empirical probability that the next call will be answered in person.