For Questions , use the following narrative:
Narrative: Instant lotto
Suppose an "Instant Lotto" ticket costs $5, and the chances of winning the $500 prize are 1/10,000.There are no other prizes.
-{Instant lotto narrative} Interpret what the expected value would mean in this situation, in words that a non-statistics student would understand.(It is not necessary to calculate the expected value here.)

Question

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The Answer of For Questions , use the following narrative:
Narrative: Instant lotto
Suppose an "Instant Lotto" ticket costs $5, and the chances of winning the $500 prize are 1/10,000.There are no other prizes.
-{Instant lotto narrative} Interpret what the expected value would mean in this situation, in words that a non-statistics student would understand.(It is not necessary to calculate the expected value here.)

For Questions , Use the Following Narrative