Answered You can hire a professional tutor to get the answer.
QUESTION
Jimmy owns a lottery ticket that has a 50% chance of winning $1000 (and a 50% chance of paying nothing).
indifferent between owning the lottery ticket or owning $400 in cash.
True or false and explain: if the probability of the lottery ticket winning decreases to 25%, Jimmy will be willing to sell the lottery ticket for $150.
