Determine the expected winnings of a ticket
A lottery with 500 tickets gives one prize of $100, three prizes of $50 each, and five prizes of $25 each.
(a) Determine the expected winnings of a ticket.
(b) If a ticket costs $1, what is the expected value of the game?
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A lottery with 500 tickets gives one prize of $100, three prizes of $50 each, and five prizes of $25 each. Determine the expected winnings of a ticket.
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Calculate whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given the level of output.
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