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Goshia [24]
2 years ago
9

During the holiday season, the Texas lottery has a scratch-off game called "Stocking Stuffer". One dollar is required to play th

e game and ticket prizes range from $1.00 to $1000.00. The probability of winning each prize is given below.
PRIZE PROBABILITY

$1000 .00002

100 .00020

50 .00090

20 .004000

5 .00800

2 .05000

1 .11000

1. Find the lottery's expected profit per stocking stuffer ticket

2. find the lottery's variance in profit per stocking stuffer ticket

3. find the lottery's standard deviation in profit per Stocking Stuffer ticket.
Mathematics
1 answer:
zhenek [66]2 years ago
8 0

Answer:

A) $0.940

B) 0.886

C) $0.941

Step-by-step explanation:

P(X=xᵢ) = pᵢ

P[X=$1000] = 0.00002

P[X=$100] = 0.0002

P[X=$50] = 0.0009

P[X=$20] = 0.004

P[X=$5] = 0.008

P[X=$2] = 0.05

P[X=$1] = 0.11

Expected value is given by

E(X) = Σ xᵢpᵢ

But because we're finding the profit on each ticket now,

E(X) = (1 - (1000 × 0.00002))+ (1 - (100 × 0.0002))+ (1 - (50 × 0.0009))+ (1 - (20 × 0.004))+ (1 - (5 × 0.008))+ (1 - (2 × 0.05))+ (1 - (1 × 0.11)) = $6.585

On the average of per ticket = $6.585/7 = $0.940

b) Variance = sum of deviations/number of tickets

Sum of deviations = (1 - (1000 × 0.00002))² + [1 - (100 × 0.0002))² + (1 - (50 × 0.0009))² + (1 - (20 × 0.004))² + (1 - (5 × 0.008))² + (1 - (2 × 0.05))² + (1 - (1 × 0.11))² = 6.202925

Variance = 6.202925/7 = 0.886

C) Standard deviation = √(variance)

Standard deviation = √(0.8861321429) = $0.941

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Answer:

The ticket price that maximizes revenue is $50.

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We have to write a function that describes the revenue of the airline.

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(A) If we rotate ΔABC 180° counterclockwise about the origin, then the image will coincide with ΔA'B'C'. So, this transformation can take place here.

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(C) If we rotate ΔABC through 180° clockwise about the origin, the we will see the image will be same as ΔA'B'C'. Hence, this transformation can also take place.

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