Below you are given a payoff table involving three states of nature and two decision alternatives.The probability that s1 will occur is 0.2; the probability that s2 will occur is 0.6.What is the expected value of the best decision?4841120429Decisiond1d2States of Nature.s2s180404550s3-2015

The question is about decision makingGiven :P ( s1 ) = 0.2P ( s2 ) = 0.6To find :Expected value of…

Answered: Below you are given a payoff table…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Giving a test to a group of students, the grades and gender are summarized below A B C Total Male 7 12 2 21 Female 17 13 8 38 Total 24 25 10 59 If one student was chosen at random, determine the following probabilities. Write your answers as reduced fractions. P (Student was male) = P (Student was female) = P (Student was male and got an "A") = P (Student was female and got a "B") = P (Student got a "C") =
Grade Level Favorite Pet Bird cat dog 7th Grade 6 16 39 5 8th Grade 4 21 44 3 Fish The table contains data on two categorical variables recorded from a sample of 138 students. Each student was asked their grade level and their favorite animal to keep as a pet. Given that a student likes fish the best, what is the probability they are in the 8th grade? Round to the nearest whole percent. 68% 47% 57% 38%
Brandon is setting up his own carnival game. His plan is to make sure that the game has a negative expected value, because that will be the most beneficial for his own profit. He decides to set the following rules. You pay $10 to play, and then you get to throw one dart at a dartboard. The dartboard is broken up into 8 equally sized sections. 3 of the sections are red. 4 of the sections are blue. 1 of the sections is green. If your dart hits the green section, Brandon hands you $30. If your dart hits any of the red sections, he gives you $15. If your dart hits any of the blue sections, you win nothing. What is the expected value for one turn? (Just write the number rounded to the nearest thousandths without the dollar sign. ie. 0.123 or -0.123)
R4.1. Quality control A consumer organization estimates that 29% of new cars have a cosmetic defect, such as a scratch or a dent, when they are delivered to car dealers. This same organization believes that 7% have a functional defect- something that does not work properly-and that 2% of new cars have both kinds of problems. a) If you buy a new car, what's the probability that it has some kind of defect? b) What's the probability it has a cosmetic defect but no functional defect? c) If you notice a dent on a new car, what's the probability it has a functional defect? d) Are the two kinds of defects disjoint events? Explain. e) Do you think the two kinds of defects are independent events? Explain.
The probability that a random American has type o or ab
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A payoff table is given as S1 S2 S3 D1 250 750 500 D2 300 -250 1200 D3 500 500 600 a. What choice should be made by the optimistic decision maker? b. What choice should be made by the conservative decision maker? c. What decision should be made under minimax regret? d. If the probabilities of d1, d2, and d3 are .2, .5, and .3 respectively, then what choice should be made under expected value?
Giving a test to a group of students, the grades and gender are summarized below A B C Total Male 15 8 6 29 Female 17 16 20 53 Total 32 24 26 82 If one student was chosen at random, determine the following probabilities. Write your answers as reduced fractions.PP(Student was male) = PP(Student was female) = PP(Student was male and got an "A") = PP(Student was female and got a "B") = PP(Student got a "C") =
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