Question 1162646
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Presumably the problem is supposed to say that the number of tickets sold is 2000 -- not that the total cost of the tickets is $2000.<br>
If the total cost of the tickets is $2000, then the problem is nonsensical -- as the other tutor pointed out.<br>
In an expected value problem like this, you can find the expected value of one ticket by comparing the total prizes to the total cost of the tickets.<br>
The total cost of the tickets is 2000($20) = $40,000; the total prize value is $6000.<br>
The total value to the ticket buyers is then $6000-$40,000 = -$34,000; and then the expected value of one ticket is -$34,000 divided by 2000, which is -$17.<br>
ANSWER: The expected value of a ticket is -$17.<br>