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In a certain state lattery, a fottery ticket costs $2. In terms of the decision to purchase or not to purchase a lottery ticket; suppose

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In a certain state lattery, a fottery ticket costs $2. In terms of the decision to purchase or not to purchase a lottery ticket; suppose that the foliowing payoff table applies. (a) A realistic estimate of the chances of winning is 1 in 200,000 , Use the expected value approach to recommend a decision. If required, round your answers to two decimal places. For subtractive or negative number use a minus sign (Example: -300), If your answer is zero enter 0. EV(d1)=EV(d2)= Recommended decisiona (b) If a particular decision maker assigns an indifference probability of 0.000001 to the 50 payoff, would this individual purchase a lottery ticket? Use expected utility to Justify your answer. If required, round your answers to six decimal places. EU(d1)=EU(d2)= Purchase a lotery ticket

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