Question
In getting crowd for a consumer exhibition, the organizer runs a lucky draw during the event. Out of a total of 5,000 tickets printed for
In getting crowd for a consumer exhibition, the organizer runs a lucky draw during the event. Out of a total of 5,000 tickets printed for this lucky draw, 500 tickets contain a prize worth $5 each, 50 tickets have a prize worth $10 each, 5 tickets have a prize worth $1000 each, and 1 ticket has a prize worth $10,000. Let x be the random variable that denotes the value of prize a participant may win by playing this lucky draw.
c) If the entrance fee to the exhibition costs $2, what is the expected gain by each participant who join the lucky draw of this event.
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