Find the Expected Value

question 21

Multiple Choice

Find the expected value.
-Suppose that 1,000 tickets are sold for a raffle that has the following prizes: one $300 prize,two $100 prizes,and one hundred $1 prizes.What is expected value of a ticket?

• A)$1
• B)$100
• C)$0.60
• D)$300

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Definitions:

Indifference Curves

Graphical representations used in microeconomics to illustrate different combinations of two goods among which a consumer is indifferent in terms of utility or satisfaction.

Preferences Convex

A characteristic of consumer choices where combinations of goods are preferred over extreme options, illustrating a desire for variety.

Corn Chips

A snack food made from cornmeal fried in oil or baked, often seasoned.

French Fries

Deep-fried potato strips, often served as a side dish or snack, popular in many countries' cuisines.