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Author Question: Jacob is thinking of buying a $1 lottery ticket. In Lottery A, his odds of winning are 1 out of ... (Read 547 times)

Mr3Hunna

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Question 1

In which situation would an algorithm be most useful?

helping a group decide which restaurant to go to
generating a shopping list
opening a lock when you know the combination is three numbers
providing a diagnosis for someone in an emergency room

Question 2

Jacob is thinking of buying a $1 lottery ticket. In Lottery A, his odds of winning are 1 out of 1,000, and he may win $500. In Lottery B, his odds of winning are 1 out of 5,000, but he may win $5,000. What will Jacob choose to do based on expected value theory?

Buy a ticket from Lottery A because it has a higher expected value.
Not buy either ticket because both lotteries have very low odds of winning.
Buy a ticket from Lottery B because it has a higher expected value.
Buy either ticket because both lotteries have the same expected value.


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Marked as best answer by Mr3Hunna on Oct 8, 2020

ebenov

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Mr3Hunna

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Reply 2 on: Oct 8, 2020
Thanks for the timely response, appreciate it


LVPMS

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Reply 3 on: Yesterday
Gracias!

 

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