A lottery has a grand prize of $1,000,000, 2 runner-up prizes of $100,000 each, 6 third-place prizes of $10,000 each, and 19 consolation prizes of $1,000 each. If a 4 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket. (Round your answer to 2 decimal places.
Q: A monopolist serves a market with five potential buyers, each of whom would buy at most one piece of…
A: Quantity 1 2 3 4 5 VC P 130 110 90 70 50 TR MR MC 50 55 60…
Q: Dollars 0 HK N ELM Multiple Choice MC MR Quantity ATC Demand Refer to the diagram. To maximize…
A: A monopolist produces where the marginal cost curve intersects the marginal revenue curve. The…
Q: $19 16 13 10 0 100 Multiple Choice $10. $13. MC Refer to the diagram for a monopolistically…
A: Introduction Monopolistic competition happens when many businesses provide rival goods or services…
Q: I do not need the answer to A. Can I get help on part D?
A: In Economics terms, the average variable cost refers to the variable cost per unit. It will be…
Q: I want a differrent answer for this question. the answer provided is too much publicated
A: To collectively represent their interests in the workplace, workers form unions. They frequently…
Q: $ 10 8 6 4 0 400 2. The firm will set a price of: Using the Graph above answer the following 1. This…
A: Monopolistic competition refers to the market organization in which there are many sellers of a…
Q: 3. What are the Political and Economic Ramifications of Investing a Large Part of the Social…
A: The proposal to invest a large portion of the Social Security trust fund in the stock market could…
Q: Problem 19-02 (algo) A coal-fired power plant can produce electricity at a variable cost of $0.05…
A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…
Q: Explain your answers thoroughly.
A: 4. Fiscal policy responses to the 2008 financial crisis and the 2020 pandemic: In response to the…
Q: When a bank is failing, it may sell off some of its assets to try and keep its equity (net worth)…
A: Banking refers to the business of accepting deposits from customers and using those deposits to make…
Q: FRONT PAGE Unemployment Rate Hits a 26-Year High The nation's unemployment rate climbed to 10.2…
A: The total population in a particular economy who is either working or actively looking for work is…
Q: C� = 2.38 - 0.006153Q� + 0.000005359Q2�2 + 19.2X1�1 (2.86) (3.08) (3.68) (2.96) where C�…
A: The variable Q and Q2 are statistically significant in explaining variations in the average…
Q: 1. Assume you are the Project Manager of a construction company going to prepare the tender for a…
A: The term "market condition" describes the status of the market at a specific time, including the…
Q: The table shown displays the total costs for various levels of output for a firm operating in a…
A: The perfectly competitive market refers to the market where large number of buyers and sellers exist…
Q: In the following question you are asked to determine, other things equal, the effects of a given…
A: A good is said to be normal good , if the income elasticity is positive. The normal good's demand…
Q: Consider an economy with 2 goods and 2 agents. The Örst agent has the utility function, u (x1; x2) =…
A: The social planner's problem is to allocate the resources of the economy to maximize social welfare…
Q: Is it cost of production or utility that governs? What is Marshalls responce? What is the argumetn…
A: Cost is the payment in the production process in such a way that rent, wages, interest, and profit.…
Q: What are the consequences of this restriction on quantity? (surplus/shortage) Explain.
A: Quantity refers to the amount or number of something that is present, used, or produced. It can…
Q: 4. Farmer Jones and Farmer Smith graze their cattle on the same field. If there are 20 cows grazing…
A: Given information is as follows:- # If there are 20 cows grazing in the field, each cow produces…
Q: Suppose 4 firms compete in a homogeneous-product Cournot oligopoly. If each firm's marginal cost…
A: The firm produces and sale in the market to make profit. The profit is the main aim of firms.…
Q: Goods sold in a perfectly competitive market are quite differentiated. True/False
A: Before proceeding to the explanation part, we must first know which are the 4 main types of market…
Q: $ per unit $40 $20 2 4 6 8 10 MC 12 ATC MR AVC Output (q) The graph above shows a firm's Marginal…
A: In perfect competition, There exists a large no. of buyers and sellers. The firm will maximize…
Q: ipam owns a firm that sells basketball apparel. As the firm's output increases, the firm's short-run…
A: An economy refers to the system of interrelated manufacturing and consumption activities that…
Q: Kenya is ________ country. a) developed b) developing c) Underdeveloped
A: Development is a constructive process of change in which the economic, social, and environmental…
Q: You are given the following data table. Year → Good Price Widgets 11 2 Wadgets 13 7 If the Paasche'…
A: Since you have uploaded multiple questions, we will only be solving the first question. Please…
Q: 5. Exercise 10.7 Royersford Knitting Mills, Ltd., sells a line of women's knit underwear. The firm…
A: Price elasticity of demand measures the responsiveness of quantity demanded to changes in price
Q: Dollars ABC Multiple Choice O O MC K DE Quantity According to the accompanying diagram, at the…
A: In perfect competition, There exists a large no. Of sellers and buyers. The firm will produce…
Q: What is the Lorenz Curve and how do you use it to calculate a Gini coefficient?
A: Poverty refers to a lack of resources or income to meet basic needs such as food, shelter, and…
Q: A firm produces a product in a competitive industry and has a total cost function (TC) of TC(q) =…
A: In short run , A competitive firm will produce where the price is equal to marginal cost. The firm…
Q: Assume that two collectors, X and Y are in a first prize sealed bid auction for a batch of vintage…
A: In a first-price sealed bid auction, each participant submits a private, sealed bid for an item, and…
Q: Where WAGE is hourly wage measured in dollars, EDU is years of education, EXPER is years of relevant…
A: Here the coefficient of education indicates , by how much the wage changes due to a unit increase in…
Q: You are the manager of a monopoly, and your analysts have estimated your demand and cost functions…
A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Consider the IS-LM model derived. Suppose the economy of Economica is initially at the general…
A: An economy achieves equilibrium in the short run when the aggregate demand and short-run aggregate…
Q: NPV and IRR? Why?
A: Based on the information provided, it is not enough to determine whether or not Limitless Ltd.…
Q: Question 3 Judge Mark Griffiths finds that Moodle is a relentless and predatory monopolist. Judge…
A: In economics, a monopoly refers to a situation where a single company or entity dominates the market…
Q: The Ford Motor Company has redesigned its best selling truck by substituting aluminum for steel in…
A: The present worth of a cash flow refers to its value at present in accordance with its value in the…
Q: 3) The market for paper in a particular region in the United States is characterized by the…
A: Under competitive equilibrium, the demand curve is equal to the private cost curve (supply curve).…
Q: Music Chairs 5 players are playing a new game of musical chairs with the following rules: There are…
A: Given that; The musical chairs game being played by 5 players are as follows: One red chair and…
Q: Describe Malthus’ pessimistic model of population. What empirical facts about population in the…
A: ***Since the student has posted multiple questions, hence, the expert is required to solve only the…
Q: The graph shows the demand (D), marginal cost (MC), marginal revenue (MR), and average variable cost…
A: Monopoly is a form of market structure where there is a single firm and large number of buyers…
Q: Since Russia invaded Ukraine last year many sanctions have been imposed on Russia. Suppose the…
A: Russia's (country R) heinous war in Ukraine (country U) has already lasted over nine months. Country…
Q: 3. What characterizes a public good? What characterizes an open access good? What problems do we…
A: In economics, we can classify goods in two broad categories which are:- (1) Private goods (2)…
Q: The cost data in the following table are for Marshall’s Meats, a perfectly competitive firm.
A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…
Q: You have an inverse demand curve P=Y-bQ, marginal cost is c. How does Q change with b, provide a…
A: With the demand curve, it is considered that price impacts qty. The inverse demand curve, on the…
Q: Robert Campbell and Carol Morris are senior vice-presidents of the Mutual of Chicago Insurance…
A: A coupon bond's anticipated cash flows include the quarterly interest payments and the bond's face…
Q: A popular business textbook criticizes long term leases on federally owned forests; and they are…
A: In general, the word "market rate" refers to the price or value that is currently being charged for…
Q: (11) The fiscal balance is the difference between exports and imports. government expenditure and…
A: “Since you have posted multiple questions, we will provide the solution only to the first three…
Q: Suppose that in a small town, the market for cement had five companies with market shares 0.3, 0.2,…
A: Herfindahl–Hirschman index or HHI index measures the market concentration by summing the square of…
Q: Valerie is a talented artist who sells hand-crafted goods on her website. Valerie currently crafts…
A: A production possibility frontier (PPF), commonly referred to as a production possibility curve, is…
Q: Use a consumer surplus approach, to explain the effect of demand elasticity on the excess burden…
A: Demand elasticity: The demand function reflects an individual’s willingness to pay for each unit of…
A lottery has a grand prize of $1,000,000, 2 runner-up prizes of $100,000 each, 6 third-place prizes of $10,000 each, and 19 consolation prizes of $1,000 each. If a 4 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket. (Round your answer to 2 decimal places.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 30 or to bet $10 that the outcome is any one of the three possibilities 00, 0, or 1. 3 The gambler knows that the expected value of the $10 bet for a single number is - 53¢. For the $10 bet that the outcome is 00, 0, or 1, there is a probability of 38 of making a net profit of $30 and a probability of losing $10. 35 38 a. Find the expected value for the $10 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $10 bet on the number 30 or a $10 bet that the outcome is any one of the numbers 00, 0, or 1? Why? a. The expected value is $. (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 30 is C than the expected value for the bet that the outcome is 00, 0, or 1, the bet on is better.The promoter of a football game is concerned that it will rain. She has the option of spending $14,040 on insurance that will pay $39,000 if it rains. She estimates that the revenue from the game will be $65,040 if it does not rain and $30,040 if it does rain. What must the chance of rain be if buying the policy has the same expected return as not buying it? Write expressions showing the expected returns if the promoter does and does not purchase the insurance, using p to represent the probability of rain. Without insurance, E(return) = With insurance, E(return) = The chance of rain must be _%.15. A city mayor decides to construct a new bridge over the major river in the town. The estimated life of such a structure will be 20 years. There is a 70% probability that the total initial costs (consulting fees and construction) will be $800,000 and a 30% probability that such costs would be $1 million. There is 100% probability that the maintenance costs would be $30,000 every 5 years. How much money should the city borrow now in order to carry out the entire project including maintenance? The interest rate is 5%.
- (Fill in the 4 blanks.) A monthly pass for the Stockholm subway costs $100, and fare dodgers who are caught face a fine of about $160. Stockholm transport has increased the number of ticket checks conducted, and the probability of being caught while riding the subway without paying is now 1%. Liam rides the subway 50 times a month, so that each month the probability that he is caught equals 50 x 1% = !3! 50% and he expects to pay 50 (0.01 x $160) = $80 in fines each month he rides the subway without buying the monthly pass. If Liam does not purchase a monthly pass, his expected monthly savings are $ (accepted format is dollars and cents xXx.xx). Liam's utility of saving $S equals VS , so that if he does not purchase a monthly pass, his expected utility equals (round to 2 decimals: xxx.xx). Liam's certainty equivalent is savings equal to $52.42, and thus Liam's (do not capitalize your answer and make sure to spell correctly) is $7.58. Liam can purchase full insurance from Planka.nu,…12. Over the last decade, robotic-drone a research and development company has researched in new drone technology for home delivery. Their sales department considers that they could sell as many as $90 million per year with a probability of 20%. With a most likely value of $76 million with a probability of 45% and a lowest value of $50 million. a. Determine the expected value of their sales. b. The sales department estimates that they could maintain this sales rhythm for 4 years with a probability of 67% or that this sales rhythm could be maintained for 8 years. Determine the Expected Value for the PW if the company considers a yearly interest rate of 10%Consider an investment that pays off $700 or $1,600 per $1,000 invested with equal probability. Suppose you have $1,000 but are willing to borrow to increase your expected return. What would happen to the expected value and standard deviation of the investment if you borrowed an additional $1,000 and invested a total of $2,000? What if you borrowed $2,000 to invest a total of $3,000? Instructions: Fill in the table below to answer the questions above. Enter your responses as whole numbers and enter percentage values as percentages not decimals (.e., 20% not 0.20). Enter a negative sign (-) to indicate a negative number if necessary. Invest $1,000 Invest $2,000 Invest $3,000 Expected Value Percent Increase Standard Deviation 1150 S 28 % $ 8 % $ Expected Return N/A Doubled Tripled : #
- please give answer for 7, 8, and 9Hello can any one help with this Economics question: A contractor spends Dollar 3,000 to prepare for a bid on a construction project which, after deducting manufacturing expenses and the cost of bidding, will yield a profit of dollar 25,000 if the bid is won. If the chance of winning the bid is ten per cent, compute his expected profit and state the likely decision on whether to bid or not to bid?A lottery system has balls numbered 1 to 65 and randomly selects 6 of the lottery balls. There is only one prize of $ 10,000,000.00 which is awarded only it a lottery player selects the correct set of 6 lottery balls. a) If a lottery ticket costs $ 5.00, what is a lottery player's expected value? b) How much would the lottery prize have to be worth if it was to be a fair game? (Note: Include dollar signs in your answer)
- 17-2 Game Show Uncertaninty In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable?2. Calculate the probabilities that a. the battery life is between 7.5 and 8 hours; and b. the battery life is less than 8 hours. Are these two probabilities different? Explain why or why not. 3. Suppose that you randomly picked 100 iPhones and calculated the average battery life for these phones. Provide your best guess of the value of the average.A friend offers you a chance to play a game in which there are only two outcomes, each with equal probability. If you get the "good" outcome, you win $80. But if you get the bad outcome, you only win $20. What price to play would make this a fair game (fair bet)? Carefully follow all mathematical instructions in your answer.