Provide one example to show how you can use the Expected Value computation to assess the fairness of a situation (probability experiment). Provide the detailed steps and calculations.
Texas Lottery: grand prize is 1,000,000 dollars.
Tickets cost $2
Expected number sold: 4.3 million.
probability win: 1/4.3million
expected value of a $2 ticket=1million/4.3 million=23cents