A publisher plans to boost the sales of its most popular magazine by sending out promotional mails. We refer to a customer as a responder if he/she subscribes to the magazine for the next year after receiving a promotional mail. Otherwise the customer is referred to as a non-responder. Denote responder by C1 and non-responder by C2. The cost of promotional mail is $3 per customer. The cost of printing and delivering the magazine is $80 per year. With the promotion a customer pays $120 per year for the magazine. Compute the average misclassification costs using the confusion matrix below. Actual Class C1 C2 C1 20 230 Predicted Class C2 3 1017 Round you answers to 3 digits after the decimal point. Cost of classifying a responder as a non-responder is $ 3 per customer. Cost of classifying a non-responder as a responder is $ 40 per customer. The average misclassification cost is $ 0.638

A publisher plans to boost the sales of its most popular magazine by sending out promotional mails. We refer to a customer as a responder if he/she subscribes to the magazine for the next year after receiving a promotional mail. Otherwise the customer is referred to as a non-responder. Denote responder by C1 and non-responder by C2. The cost of promotional mail is $3 per customer. The cost of printing and delivering the magazine is $80 per year. With the promotion a customer pays $120 per year for the magazine. Compute the average misclassification costs using the confusion matrix below. Actual Class C1 C2 C1 20 230 Predicted Class C2 3 1017 Round you answers to 3 digits after the decimal point. Cost of classifying a responder as a non-responder is $ 3 per customer. Cost of classifying a non-responder as a responder is $ 40 per customer. The average misclassification cost is $ 0.638

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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