Question 379376
An organization raises a money by selling 3000 raffle tickets. Three prizes are winning 1500, 500, 250. 
1. What is a 'fair price' to pay for a ticket?
Let "x" be the price per ticket.
If the game is "fair", expected value is zero.
-------------------
Expected value = (1/3000)(1500 + 500 + 250)-(2997/3000)x = 0
2250/3000 = (2997/3000)x
x = 0.75
x = 75 cents
---
You should pay 75 cents to play the game.

----------------------
2. If the organization charges the fair price. What is the profit made?
Nothing
===============
Cheers,
Stan H.