Short Answer
A person is trying to decide if they should buy a lottery ticket.The ticket costs $1.00.If the ticket is a winner, the prize would be $10,000.Knowing that winning $10,000 is not a certain outcome (state of nature), the person finds that the probability of winning is 0.0009.Based on this information, the following payoff table can be constructed: 
Based on the expected monetary value of buying a ticket, what is the best decision?
Correct Answer:
Verified
Correct Answer:
Verified
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