In a certain state lottery, a lottery ticket costs $2. In terms of the decision to purchase or not to purchase a lottery ticket, suppose that the following payoff table applies. State of Nature Decision Alternatives Win $1 Loses 52 Purchase lottery ticket, d' 250,000 -2 Do not purchase lottery ticket, d 0 (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(d)- EV(d2)- 0 Recommended decision d2 (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(ds) 0.000005 EU(d2)- Purchase a lotery ticket? Yes