The state of New Jersey has in circulation (as of 2011) an instant lottery game called $1,000 Downpour. The cost of each ticket for this lottery game is $5.00. A player can instantly win $75,000, $1,000, $100, $50, $20, $10, or $5. Each ticket has 19 spots covered by latex coating, and the top four spots contain numbers that, if matched by the player's numbers, win money. The remaining 15 spots belong to the player. A player wins if any of the numbers in the player's 15 spots matches any of the four winning numbers. Number of tickets that can win Prizes
The state of New Jersey has in circulation (as of 2011) an instant lottery game called $1,000 Downpour. The cost of each ticket for this lottery game is $5.00. A player can instantly win $75,000, $1,000, $100, $50, $20, $10, or $5. Each ticket has 19 spots covered by latex coating, and the top four spots contain numbers that, if matched by the player's numbers, win money. The remaining 15 spots belong to the player. A player wins if any of the numbers in the player's 15 spots matches any of the four winning numbers. Number of tickets that can win Prizes
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The state of New Jersey has in circulation (as of 2011) an instant lottery game called $1,000
Downpour. The cost of each ticket for this lottery game is $5.00. A player can instantly win $75,000,
$1,000, $100, $50, $20, $10, or $5. Each ticket has 19 spots covered by latex coating, and the top
four spots contain numbers that, if matched by the player's numbers, win money. The remaining 15
spots belong to the player. A player wins if any of the numbers in the player's 15 spots matches any
of the four winning numbers.
Number of tickets that can
win
Prizes
0 (i.e. not a winner)
2,853,533
621,075
10
327,600
20
58,500
50
31,200
100
5525
1,000
2561
75,000
6.
Total= 3,900,000 tickets sold
Find and interpret the expected outcome of this game.
[Write your answer as a complete sentence]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faddcfefe-79de-4bfb-b00e-9692daf48932%2Fe7694fab-3b5c-4658-b188-8994652f5977%2F0o5c3c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The state of New Jersey has in circulation (as of 2011) an instant lottery game called $1,000
Downpour. The cost of each ticket for this lottery game is $5.00. A player can instantly win $75,000,
$1,000, $100, $50, $20, $10, or $5. Each ticket has 19 spots covered by latex coating, and the top
four spots contain numbers that, if matched by the player's numbers, win money. The remaining 15
spots belong to the player. A player wins if any of the numbers in the player's 15 spots matches any
of the four winning numbers.
Number of tickets that can
win
Prizes
0 (i.e. not a winner)
2,853,533
621,075
10
327,600
20
58,500
50
31,200
100
5525
1,000
2561
75,000
6.
Total= 3,900,000 tickets sold
Find and interpret the expected outcome of this game.
[Write your answer as a complete sentence]
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