Explain what is wrong and why it is wrong: ...

  

Explain what is wrong and why it is wrong: 

1. You bought 10 lottery tickets. One of them won a prize. That means that the probability of winning a prize is 1/10. 

2. In a lottery, buying more tickets does not affect your chances of winning a prize. 

3. John has 3 suits, 10 shirts, and 12 neckties. He will need to buy some more clothes if he wants to come to work each work day in a different outfit for a whole year. 

4. If in a probability distribution you get the sum of probabilities less than one, it just means that you have a smaller-than-normal distribution 

5. From the perspective of the insurance company, health insurance policies are set up in such a way that a healthy person has a negative expected value, and a sickly person has a positive one.