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:

Independent Agency

is a government body established to regulate and oversee specific areas of public policy, distinct from executive departments.

Judicial Review

The process by which courts examine government actions to determine if they conform to the constitution or other legal standards.

Agency Behavior

Actions and decisions made by agents representing others in business transactions, reflecting the interest of the principal.

Informal Rulemaking

A regulatory process that involves the publication of a proposed rule and the consideration of public feedback before finalizing the rule.