Please help with this
In a certain state lottery, a lottery ticket costs $2. In terms of decision to purchase or not to purchase a lottery ticket, suppose that the following payoff table applies:
State of nature
Win. Lose
Decision alternatives. S1. S2
Purchase, d1. 500000. -2
Do not purchase, d2. 0. 0
A. A realistic estimate of the chances of winning is one and 220,000. use the expected value approach to recommend a decision. If required, round your answer to two decimal places. If the amount is zero into zero.
Expected value= $
B. If a particular decision maker signs and indifference probability of 0.00001 to the $0 payoff. With this individual purchase a lotto ticket? use expected utility to justify your answer. If required, round your answer to five decimal places.
Expected utility= $
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