A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $2.00. If the ticket is a winner,the prize would be $1,000. Knowing that winning $1,000 is not a certain outcome (state of nature) ,the person finds that the probability of winning is 0.001. Based on this information,the following payoff table can be constructed: 
Based on the expected monetary value of buying a ticket,what is the best decision?
Definitions:
Demo Vehicle
A car or vehicle that has been used by a dealership for test driving or display purposes before being sold.
List Price
The manufacturer’s or retailer’s suggested retail price for a product, often before any discounts are applied.
Dealer Cost
The actual cost to the dealer or retailer to acquire a product before any mark-up for profit.
Real Estate Fees
Charges or commissions paid to agents or companies for services related to buying, selling, or leasing properties.
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