Task 6:

What ticket price would make it a fair game, so that, on average, neither the players nor the organizers of the raffle win or lose money? (Round to two decimal places.)

Answer:

Task 7:

If you were organizing a raffle like this, how would you change the game (ticket prices, number of tickets, prize amounts, etc.) in order to encourage more people to purchase tickets while still raising at least
$4000 for your organization? Your response should include a short paragraph, written in complete sentences, with an explanation of the specific adjustments or changes that you would make and how these changes would encourage more people to purchase tickets.

Answer:

Task 8:

Construct a new probability distribution describing the net gain (from the player’s perspective) for the game with your proposed changes from #7.

Answer: