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Lotteries are typically run by government agencies. Governments often use the funds for public school education, etc. 1. Why might people buy a lottery ticket? The lottery has 3 prize levels and when you buy a ticket you are put in contention for all 3 prize levels Odds: 1st : 1 in 10 million, the prize is 1 million 2nd :1 in 1000, the prize is 200 3rd :1 in 10, the prize is 5 dollars 2 million tickets are sold Tickets cost 2 dollars to buy 4 million in revenue from ticket sales 2. On average, how much should an individual expect to win from the lottery? 3. Is buying the lottery ticket a good deal for consumers? 4. How can the lottery attempt to sell more tickets? Let’s say, the lottery modifies its prize structure They decide to add an additional 4 million in prize money, split between the 2nd and 3rd options. This money is split collectively between all winners 1st :1 in 10 million, the prize is 1 million 2nd :1 in 1000, the prize is 200. There is also a 2 million prize which will be split collectively between the winners 3rd :1 in 10, the prize is 5 dollars. There is also a 2 million prize which will be split collectively between the winners 5. What is the collective value of a ticket now? 6. How many additional tickets does the lottery have to sell to break even on the money they put toward the new prizes? Assume, they’ve already broken even on the cost of the other lottery prizes. 7. Is it viable to sell that amount of additional tickets?
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Senior Business Analyst

Interviewed at Capital One

3★
Nov 13, 2017

Lotteries are typically run by government agencies. Governments often use the funds for public school education, etc. 1. Why might people buy a lottery ticket? The lottery has 3 prize levels and when you buy a ticket you are put in contention for all 3 prize levels Odds: 1st : 1 in 10 million, the prize is 1 million 2nd :1 in 1000, the prize is 200 3rd :1 in 10, the prize is 5 dollars 2 million tickets are sold Tickets cost 2 dollars to buy 4 million in revenue from ticket sales 2. On average, how much should an individual expect to win from the lottery? 3. Is buying the lottery ticket a good deal for consumers? 4. How can the lottery attempt to sell more tickets? Let’s say, the lottery modifies its prize structure They decide to add an additional 4 million in prize money, split between the 2nd and 3rd options. This money is split collectively between all winners 1st :1 in 10 million, the prize is 1 million 2nd :1 in 1000, the prize is 200. There is also a 2 million prize which will be split collectively between the winners 3rd :1 in 10, the prize is 5 dollars. There is also a 2 million prize which will be split collectively between the winners 5. What is the collective value of a ticket now? 6. How many additional tickets does the lottery have to sell to break even on the money they put toward the new prizes? Assume, they’ve already broken even on the cost of the other lottery prizes. 7. Is it viable to sell that amount of additional tickets?

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