You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $455 prize, two $75 prizes, and four $20 prizes. Find your expected gain or loss. (Round your answer to two decimal places.)

Expected loss of $2.45

Explanation:

The expected gain is a weighted probability of the expected outcomes and their individual probabilities.

There is one $455 prize out of 100 tickets so the probability is: 1/100 = 0.01

There are two $75 prizes so the probability is: 2/100 = 0.02

There are four $20 prizes so the probability is: 4/100 = 0.04

There is a chance that you will lose the $10 and that probability is the :

= 1 - 0.01 - 0.02 - 0.04

= 0.93

Expected gain (loss) = (0.01 * 455) + (0.02 * 75) + (0.04 * 20) + (0.93 * -10)

= ($2.45)

answer; is usually (less than) the socially optimal level of consumption;

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