Rank # Winning Picks Total Picks Probability Prize Match 5 1 501,942 1 in 501,942.00 $ 100,000 Match 4 165 501,942 1 in

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answerhappygod
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Rank # Winning Picks Total Picks Probability Prize Match 5 1 501,942 1 in 501,942.00 $ 100,000 Match 4 165 501,942 1 in

Post by answerhappygod »

Rank
# Winning Picks
Total Picks
Probability
Prize
Match 5
1
501,942
1 in
501,942.00
$ 100,000
Match 4
165
501,942
1 in
3,042.07
$ 300
Match 3
5,280
501,942
1 in
95.06
$ 5
Match 2
54,560
501,942
1 in
9.20
$ 1
Ignoring the sales commission, what is the expected revenue for
the SC Lottery Commission from selling $1 ticket? (This revenue
funds the SC education programs) Explain in what sense we can
consider the lottery as the “opposite of insurance”. Is lottery
purchase a rational behavior based on our concave utility
function
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