Question
Problem #7: If you were organizing a raffle like this, how would you change the game (ticket prices, number of tickets, prize amounts, etc.) in
Problem #7: If you were organizing a raffle like this, how would you change the game (ticket prices, number of tickets, prize amounts, etc.) in order to encourage more people to purchase tickets while still raising at least $4000 for your organization? Your response should include a short paragraph, written in complete sentences, with an explanation of the specific adjustments or changes that you would make and how these changes would encourage more people to purchase tickets.
Answer to Problem#7: To get more people to purchase a ticket, I would introduce an additional chance of winning. Any tickets with the same first 3 digits of the grand prize ticket will receive a $20 consolation prize. I would also lower the ticket price to $7 to slightly increase the player's net gain. Additionally, 500 more raffle tickets will be added to the total. The total profit of the raffle would sum up to be $4910 assuming that each ticket is sold.
23000 (7) = $210009 (9) +100 (30) +500 (10) + 8000 (1)
= $160,902,100- 16,090
= $4910
Current Problem: Construct a new probability distribution describing the net gain (from the player's perspective) for the game with your proposed changes from #7.
**I'm not sure how to construct a new probability distribution because of the $20 consolation prize. Can someone please help?****
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