One thousand raffle tickets are sold for 1 dollar each, one prize of 800.00 dollars is to be awarded. Rene Condos purchases one ticket
a) Determine her expected value?
b) Determine the fair price of a ticket?

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  1. prob(win) = 1/1000
    Expected value = (1/1000)($800) = $.80

    which would a "fair" price for the ticket.

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