Case 1x

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Statistics expectation problem. Please help!?

A lottery offers one $1000 prize, one $500 prize, and five $100 prizes. One thousand tickets are sold at $3 each. Find the expectation if a person buys one ticket.

The expectation is the sum of outcomes times their frequencies over the total frequency. In this case:

(1x$1000 + 1x$500 + 5x$100 + 993x$0) / 1000 = $2

The average loss per ticket is therefore $1 and the lottery operators stand to make $1000.

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