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OpenStudy (anonymous):
2000 raffle tickets are sold 1 dollar each. one prize is to be awarded 1000. find the fair price
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OpenStudy (anonymous):
By fair price do you mean the price such that the house does not profit? If so then we see the probability of winning is 1/2000. The award is $1000. We multiply the two together to get 1/2 dollar or 50 cents per ticket as a fair price.
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