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OpenStudy (anonymous):
A total of 3000 tickets have been sold for a drawing. If one ticket is drawn for a single prize of $1000, what is a fair price for a ticket?
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OpenStudy (lilg132):
i think $3?
OpenStudy (anonymous):
No. It will be 33c.
OpenStudy (slaaibak):
Or 1/3?
OpenStudy (lilg132):
oh ok i knew it was one or the other
OpenStudy (anonymous):
Chance of winning $1000 is one in 3000. So, you will be willing to pay $1000/3000 amount of money.
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