Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I got 0.833 as my X value, and got -1.167 as my Y value. I'm having a hard time in interpreting the Y value, like
I got 0.833 as my X value, and got -1.167 as my Y value. I'm having a hard time in interpreting the Y value, like what the question is asking.
Thanks in advance!
A certain lottery sells 3 million tickets for $2 each. Let X denote your winnings upon purchasing 1 ticket, and suppose X has the following probability distribution x P(X = x) $1,000,000 1 3,000,000 $100,000 10 3,000,000 $5,000 100 3,000,000 $0 2,999,889 3,000,000 Since each ticket costs $2, define Y=X-2 to be your profit from purchasing 1 ticket. Compute and interpret the expected value of Y. (2 marks)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started