-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.

-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.

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Emperical probability and expected value
-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

We know that the probability winning $400 is 1/1000; the probability winning $200 ...

Solution Summary

193 words of basic explanation and calculation to find expected value and fair price for a ticket as well as the empirical probability of a call being answered in person.

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... Hi there,. Here is my explanation: empirical probability = 59/161 = 0.36646. This is a binomial probability. The expected value = np = 8 * 0.36646 = 2.93. Thanks ...

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... What is the empirical probability that the next violent ...Probability of winning $100 = 1/500 Probability of winning $50 = 2/500 Expected value = $100(1 ...