The state of Georgia has several statewide lottery options. One of the simpler ones is a "Pick 3" game in which you pick one of the 1000 three-digit numbers between 000 and 999. The lottery selects a three-digit number at random. With a bet of $1, you win $390 if your number is selected and nothing ($0) otherwise. (a) With a single $1 bet, what is the probability that you win $390?
(b) Let x denote your winnings for a $1 bet, so x = $0 or x = $390. Construct the probability distribution for X. Use 3 decimal places.
(c) The mean of the distribution equals X cents for the dollar paid to play.
(d) Would this be considered a gain for you?
No. For every $1 I pay, I will lose $0.39 on average.
No. For every $1 I pay, I will lose $ 0.61 on average.
Yes. For every $1 I pay, I will win $0.39 on average.
(e) If you play "PICK 3" 100 times, how much should you expect to lose?

1/ 1000 ;

X : 0 390

P(x) : ___ 999/1000 ___ 1/ 1000 ;

0.39 ;

D ;

-$61

Step-by-step explanation:

1.)

Probability of winning with a single bet:

Winning numbers in lottery = 1

Lottery size = 1000

P(winning per bet) = 1/ 1000

2.)

X : 0 390

P(x) : ___ 999/1000 ___ 1/ 1000

3.)

Σx*p(x)

(0 * 999/1000) + (390 * 1/1000)

0 + 390 / 1000

= 0.39

4)

Expected winning :

Loss = - 1 * 999/1000 ; win = 390 * 1/1000

- 0.999 + 0.39 = - 0.609 = - $0.61

Hence, on average, for every $1 bet, I lose $0.61 on average

E.)

Expected winning for playing 100 times ;

Loss per play:

Expected winning * 100

-$0.61 * 100 = -$61

Loss of - $61 on average

$9.41

step-by-step explanation:

step-by-step explanation:

let's assume

number of candles set =x

price of of x candles =p(x)

we are given

a candle maker prices one set of scented candles at $10 and sells an average of 200 sets each week

so, we get point as (200,10)

he finds that when he reduces the price by $1, he then sells 50 more candle sets each week

so, we can find slope

now, we can use point slope form of line

now, we can plug values

we can use point

and find b

now, we can plug it back

and we get

now, we can find revenue

we know that

revenue = price*quantity

so, we get