1.) You buy a lottery ticket to a lottery that costs $10 per ticket. There are o
ID: 3057395 • Letter: 1
Question
1.) You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $480 prize, two $95 prizes, and four $30 prizes. Find your expected gain or loss. (Round your answer to two decimal places.)
2.) Recently, a nurse commented that when a patient calls the medical advice line claiming to have the flu, the chance that he or she truly has the flu (and not just a nasty cold) is only about 4%. Of the next 25 patients calling in claiming to have the flu, we are interested in how many actually have the flu.
Explanation / Answer
(1)
expected prize=sum(x*p(x))=7.9
cost of ticket=10
so expected gain=expected prize-cost=7.9-10=-2.1 , so there is expected loss
(2)herenumber of patients= n=25 and probability of patients has flue=p=0.04
number of patients actually have the flu=n*p=25*0.04=1
prize(x) 480 95 30 p(x) 1/100=0.01 2/100=0.02 4/100=0.04 x*p(x) 4.8 1.9 1.2Related Questions
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