What is the expected value of a lottery, Microeconomics

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What is the expected value of a lottery

Problem

1. Why must the probabilities of the possible outcomes of a lottery add up to 1?

2. What is the expected value of a lottery? What is the variance?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: What is the expected value of a lottery

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Microeconomics: What is the expected value of a lottery

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