At a bazaar held to raise money for a charity, it costs $ 1.00 to try one\'s luc

Question

At a bazaar held to raise money for a charity, it costs $ 1.00 to try one's luck at drawing an ace from an ordinary deck of 52 playing cards. If an ace is drawn, the customer is paid $10.00, but otherwise he receives nothing. What is the bazaar's organizer's expected profit per customer? The winner of a tennis tournament earns $50,000 and the runner-up earns $25,000. What are the expected earnings of a person playing in the finals if her probability of winning is: 0.50 ? 0.65 ? 0.80 ? As part of a promotional scheme, the manufacturer of a new breakfast food offers a prize of $ 100,000 to someone willing to try the new product (distributed without charge) and send in his or her name on the label. The winner is to be drawn at random from all the entries received. If 300,000 people enter the contest, what are the expected winnings per entrant? was entering the contest worth the cost of postage (currently $0.37)? A student's parents promise her a reward of $ 100 if she gets an A in biometry and $50 if she gets a B. What is the expected value of her reward if her probability of getting an A is 0.25 and her probability of getting a B is 0.40? The probability distribution of the random variable X is as follows: Calculate the mean, the variance, the standard deviation, and the coefficient of variation of the random variable X.

Explanation / Answer

1. expected profit per customer = (no of incidents not getting an aces/ total no. of incidents * 1$)-(no of incidents getting an aces/ total no. of incidents*10$)

= (48/52*1)-(4/52*10)=8/52=2/13=0.15 $

2.(a) expecte earning = .50 *50000=25000 $

(b) expecte earning = .65 *50000=32500 $

(c) expecte earning = .80 *50000=40000 $

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