An officer of the state lottery commission sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: 11eb5c00_dd12_46f2_bd4c_c5c9b311242b_SM2394_00 a) Plot the cumulative distribution of winnings. b) Calculate the expected value of the distribution of dollars per ticket. c) If tickets cost $2, what is the expected long- term income to the state per ticket, based upon this sample

Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin

Edition 7ISBN: 978-0073376301

Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin

Edition 7ISBN: 978-0073376301

Exercise 7

An officer of the state lottery commission sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows:

a) Plot the cumulative distribution of winnings.
b) Calculate the expected value of the distribution of dollars per ticket.
c) If tickets cost $2, what is the expected long- term income to the state per ticket, based upon this sample

Explanation

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Discrete variables are those variables w...