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sam bought 1 of 250 tickets selling for $2 in a game with a grand prize of 400 dollars. Was $2 a fair price to pay for a ticket to play this game?

  • math -

    The expectation value of the purchase was (1/250)*400 = $1.60.

    Paying $2 for the ticket was fair. The organizer took in $500 and gave out one $400 prize. That only leaves $100, or 1/5 of ticket sales, for expenses and any charitable donation.

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