1. Below table shows the probability of winning and the associatedprizes for the South Carolina Education Lottery (SCEL) Cash5 $1 ticket, where the player gets a randomly-picked 5 numbersout of 1 to 38. At 7pm, the state lottery commission televises thewinning number draw. Depending on how many “matches” you have inyour ticket, you can receive the associated winning prizes. Forexample, if the winning numbers are 1, 4, 9, 16, 25, and if yourticket is 4, 8, 12, 16, 20, then you have 2 numbers matched so youwill receive $1.

Rank	# Winning Picks	Total Picks	Probability		Prize
Match 5	1	501,942	1 in	501,942.00	$ 100,000
Match 4	165	501,942	1 in	3,042.07	$ 300
Match 3	5,280	501,942	1 in	95.06	$ 5
Match 2	54,560	501,942	1 in	9.20	$ 1

Ignoring the sales commission, what is the expected revenue forthe SC Lottery Commission from selling $1 ticket? (This revenuefunds the SC education programs) Explain in what sense we canconsider the lottery as the “opposite of insurance”. Is lotterypurchase a rational behavior based on our concave utilityfunction