/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Problem 21 If people understood the mathema... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 11: Problem 21

If people understood the mathematics involving probabilities and lotteries, as you now do, do you think they would continue to spend hundreds of dollars per year on lottery tickets? Explain your answer.

Short Answer

Expert verified
Whether people continue to play the lottery or not despite understanding the extremely low probability of winning can vary, as it depends on how they value the psychological benefits of hope and dream against the financial cost. Some might stop, considering it economically unwise, while others might continue, enjoying the anticipation or viewing it as a form of entertainment.

Step by step solution

01

Understanding the probability of winning a lottery

Mathematically, the odds of winning a typical lottery are extremely low. For example, in a 6/49 lottery, where you choose 6 numbers from 49, the number of possible combinations is \( \binom{49}{6} \) which equals 13,983,816. Therefore, the probability of winning is approximately 1 in 14 million.
02

Considering the economic cost

Many people spend hundreds of dollars per year on lottery tickets. Given the extremely low probability of winning, one could argue that they would be financially better off if they saved that money instead.
03

Reflecting on behavioral factors

Understanding the mathematics of probabilities doesn't necessarily mean people would stop buying lottery tickets. Lotteries often appeal to the human tendency to dream of quick and easy wealth and an escape from financial difficulties. Also, some people may derive enjoyment from the anticipation and hope generated by buying a ticket, and may consider it as a form of inexpensive entertainment.
04

Formulating a personal conclusion based on the understanding

Depending on one's values, understanding, and personal situation, the decision to continue buying lottery tickets or not can vary. Each individual might weight the financial cost, the low probability of winning, and the psychological benefits differently.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

A service that repairs air conditioners sells maintenance agreements for \(\$ 80\) a year. The average cost for repairing an air conditioner is \(\$ 350\) and 1 in every 100 people who purchase maintenance agreements have air conditioners that require repair. Find the service's expected profit per maintenance agreement.

The local seven-digit telephone numbers in Inverness, California, have 669 as the first three digits. How many different telephone numhers are possihle in Inverness?

Figure \(\mathbf{1 1 . 2}\) on page 689 shows that a tree diagram can be used to find the total number of outfits. Describe one advantage of using the Fundamental Counting Principle rather than a tree diagram.

Five singers are to perform on a weekend evening at a night club. How many different ways are there to schedule their appearances?

Are related to the SAT, described in Check Point 4 on page \(752 .\) A store specializing in mountain bikes is to open in one of two malls. If the first mall is selected, the store anticipates a yearly profit of \(\$ 300,000\) if successful and a yearly loss of \(\$ 100,000\) otherwise. The probability of success is \(\frac{1}{2}\). If the second mall is selected, it is estimated that the yearly profit will be \(\$ 200,000\) if successful; otherwise, the annual loss will be \(\$ 60,000\). The probability of success at the second mall is \(\frac{3}{4}\). Which mall should be chosen in order to maximize the expected profit?
See all solutions

Recommended explanations on Math Textbooks

Mechanics Maths

Read Explanation

Discrete Mathematics

Read Explanation

Statistics

Read Explanation

Pure Maths

Read Explanation

Theoretical and Mathematical Physics

Read Explanation

Decision Maths

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.