What is the expected value of purchasing a ticket in lottery, Basic Statistics

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What is the expected value of purchasing a ticket in lottery

A state lottery pays $10,000 to anyone whose lottery ticket has a winning five digit lottery number. Any number from 00000 to 99999 is a possible winner and each ticket costs $1. What is the expected value of purchasing a ticket in this lottery? How much net revenue does the state expect, on average from each ticket? What is the risk preference of people who play this lottery? Explain.

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Basic Statistics: What is the expected value of purchasing a ticket in lottery

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Basic Statistics: What is the expected value of purchasing a ticket in lottery

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Recent Questions Asked Basic Statistics

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Ask an Expert for Answer!!

Basic Statistics: What is the expected value of purchasing a ticket in lottery

Reference No:- TGS0103323

Recent Questions Asked Basic Statistics

Q : Meetings with bankers and potential investors

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Q : What is the expected value of purchasing a ticket in lottery

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Q : Unions and businesses in the heavy equipment

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