Assignment:
A festival sells 2 million tickets at 2$ each. Let the random variable X denote the amount won for a ticket that is purchased. Shown below is the distribution of x. compute the mean and standard deviation of the amount won per ticket. Interpret the mean value. What is the expected profit from the festival?
Distribution of festival winnings
|
Prize (x)
|
Probability P(x)
|
|
1000$
|
0.00004
|
|
100
|
0.0007
|
|
20
|
0.0053
|
|
10
|
0.00711
|
|
4
|
0.02003
|
|
2
|
0.0918
|
|
1
|
0.1235
|
|
0
|
0.76417
|