2000 raffle tickets are sold 1 dollar each. one prize is to be awarded 1000. find the fair price

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2000 raffle tickets are sold 1 dollar each. one prize is to be awarded 1000. find the fair price

Mathematics
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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By fair price do you mean the price such that the house does not profit? If so then we see the probability of winning is 1/2000. The award is $1000. We multiply the two together to get 1/2 dollar or 50 cents per ticket as a fair price.

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