Finite Mathematics For The Managerial, Life, And Social Sciences
12th Edition
ISBN: 9781337606592
Author: Tan
Publisher: CENGAGE L
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Chapter 9.5, Problem 6E
To determine
To find:
The expected payoff
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The payoff matrix and strategies P and Q (for the row and column players, respectively) are given. Find the expected payoff E of each game. (Round your answer to two decimal places.)
E =
[32] -#-|
Q =
P =
HW 9.2
You face the following decision problem: You are trying to sell your old car, which has recently been in
an accident. You have two interested buyers. The first potential buyer has made an offer of $5000 for
the car, if you sell the car today. The second potential buyer plans to come tomorrow when they can get
here easily, and if they like the car, they would pay $7000 for it. You think there is about a 60% chance
they will like the car. If for some reason you did not sell to either of these potential buyers, you would
just sell it to a used car dealership for $3000.
Decision:
Accept First potential buyer: $5000
Or
Reject First potential buyer, and then, either
Second potential buyer likes car (60% chance): $7000, or
Second potential buyer does not like car (40% chance): $3000 (sell to used car dealership)
Part a: In terms of EMV, how much is it worth to learn whether the second buyer likes the car before
you have to accept or reject the first buyer's offer? (that is, what is the…
Consider the game "Battle of the Sexes" as below. In the mixed-strategy
equilibrium, Roger chooses to watch a movie with the probability y* of:
Roger
0.5
1/4
3/4
1/3
Watch soccer
Watch a movie
Michelle
Watch soccer
3, 1
0,0
Watch a movie
0,0
1,3
Chapter 9 Solutions
Finite Mathematics For The Managerial, Life, And Social Sciences
Ch. 9.1 - What is a finite stochastic process? What can you...Ch. 9.1 - Prob. 2CQCh. 9.1 - Consider a transition matrix T for a Markov chain...Ch. 9.1 - Prob. 1ECh. 9.1 - Prob. 2ECh. 9.1 - Prob. 3ECh. 9.1 - Prob. 4ECh. 9.1 - Prob. 5ECh. 9.1 - Prob. 6ECh. 9.1 - Prob. 7E
Ch. 9.1 - Prob. 8ECh. 9.1 - Prob. 9ECh. 9.1 - In Exercises 1-10, determine which of the matrices...Ch. 9.1 - Prob. 11ECh. 9.1 - Prob. 12ECh. 9.1 - Prob. 13ECh. 9.1 - Prob. 14ECh. 9.1 - Prob. 15ECh. 9.1 - In Exercises 1518, find X2 the probability...Ch. 9.1 - Prob. 17ECh. 9.1 - Prob. 18ECh. 9.1 - Prob. 19ECh. 9.1 - Prob. 20ECh. 9.1 - Political Polls: Morris Polling conducted a poll 6...Ch. 9.1 - Commuter Trends: In a large metropolitan area, 20...Ch. 9.1 - Prob. 23ECh. 9.1 - Prob. 24ECh. 9.1 - Prob. 25ECh. 9.1 - MARKET SHARE OF AUTO MANUFACTURERES In a study of...Ch. 9.1 - Prob. 27ECh. 9.1 - Homeowners choice of Energy: A study conducted by...Ch. 9.1 - In Exercises 29 and 30, determine whether the...Ch. 9.1 - Prob. 30ECh. 9.1 - Prob. 1TECh. 9.1 - Prob. 2TECh. 9.1 - Prob. 3TECh. 9.1 - Prob. 4TECh. 9.2 - What is a A steady state distribution vector, b a...Ch. 9.2 - Prob. 2CQCh. 9.2 - Prob. 1ECh. 9.2 - Prob. 2ECh. 9.2 - Prob. 3ECh. 9.2 - Prob. 4ECh. 9.2 - Prob. 5ECh. 9.2 - Prob. 6ECh. 9.2 - Prob. 7ECh. 9.2 - Prob. 8ECh. 9.2 - Prob. 9ECh. 9.2 - Prob. 10ECh. 9.2 - Prob. 11ECh. 9.2 - Prob. 12ECh. 9.2 - Prob. 13ECh. 9.2 - Prob. 14ECh. 9.2 - Prob. 15ECh. 9.2 - Prob. 16ECh. 9.2 - Prob. 17ECh. 9.2 - COMMUTER TRENDS Within a large metropolitan area,...Ch. 9.2 - Prob. 19ECh. 9.2 - PROFESSIONAL WOMEN From data compiled over a...Ch. 9.2 - Prob. 21ECh. 9.2 - HOMEOWNERS' CHOICE OF ENERGY A study conducted by...Ch. 9.2 - NETWORK NEWS VIEWERSHIP A television poll was...Ch. 9.2 - Prob. 24ECh. 9.2 - GENETICS In a certain species of roses, a plant...Ch. 9.2 - Prob. 26ECh. 9.2 - Prob. 27ECh. 9.2 - Prob. 28ECh. 9.2 - Prob. 29ECh. 9.2 - Prob. 1TECh. 9.2 - Prob. 2TECh. 9.2 - Prob. 3TECh. 9.3 - What is an absorbing stochastic matrix?Ch. 9.3 - Prob. 2CQCh. 9.3 - Prob. 1ECh. 9.3 - Prob. 2ECh. 9.3 - Prob. 3ECh. 9.3 - Prob. 4ECh. 9.3 - Prob. 5ECh. 9.3 - Prob. 6ECh. 9.3 - Prob. 7ECh. 9.3 - Prob. 8ECh. 9.3 - Prob. 9ECh. 9.3 - Prob. 10ECh. 9.3 - Prob. 11ECh. 9.3 - In Exercises 9-14, rewrite each absorbing...Ch. 9.3 - Prob. 13ECh. 9.3 - Prob. 14ECh. 9.3 - Prob. 15ECh. 9.3 - Prob. 16ECh. 9.3 - Prob. 17ECh. 9.3 - Prob. 18ECh. 9.3 - Prob. 19ECh. 9.3 - Prob. 20ECh. 9.3 - Prob. 21ECh. 9.3 - Prob. 22ECh. 9.3 - Prob. 23ECh. 9.3 - Prob. 24ECh. 9.3 - Prob. 25ECh. 9.3 - Prob. 26ECh. 9.3 - GAME OF CHANCE Refer to Exercise 26. Suppose Diane...Ch. 9.3 - Prob. 28ECh. 9.3 - COLLEGE GRADUATION RATE: The registrar of...Ch. 9.3 - Prob. 30ECh. 9.3 - GENETICS Refer to Example 4. If the offspring are...Ch. 9.3 - Prob. 32ECh. 9.3 - Prob. 33ECh. 9.4 - a. What is the maximin strategy for the row player...Ch. 9.4 - Prob. 2CQCh. 9.4 - Prob. 1ECh. 9.4 - In Exercises 1-8, determine the maximin and...Ch. 9.4 - In Exercises 1-8, determine the maximin and...Ch. 9.4 - Prob. 4ECh. 9.4 - Prob. 5ECh. 9.4 - In Exercises 1-8, determine the maximin and...Ch. 9.4 - Prob. 7ECh. 9.4 - Prob. 8ECh. 9.4 - Prob. 9ECh. 9.4 - In Exercises 9-18, determine whether the...Ch. 9.4 - In Exercises 9-18, determine whether the...Ch. 9.4 - Prob. 12ECh. 9.4 - Prob. 13ECh. 9.4 - Prob. 14ECh. 9.4 - Prob. 15ECh. 9.4 - Prob. 16ECh. 9.4 - Prob. 17ECh. 9.4 - Prob. 18ECh. 9.4 - GAME OF MATCHING FINGERS Robin and Cathy play a...Ch. 9.4 - Prob. 20ECh. 9.4 - Prob. 21ECh. 9.4 - Prob. 22ECh. 9.4 - MARKET SHARE: Rolands Barber Shop and Charleys...Ch. 9.4 - In Exercises 24-26, determine whether the...Ch. 9.4 - Prob. 25ECh. 9.4 - Prob. 26ECh. 9.5 - Prob. 1CQCh. 9.5 - Prob. 2CQCh. 9.5 - Prob. 1ECh. 9.5 - Prob. 2ECh. 9.5 - Prob. 3ECh. 9.5 - Prob. 4ECh. 9.5 - In Exercises 1-6, the payoff matrix and strategies...Ch. 9.5 - Prob. 6ECh. 9.5 - Prob. 7ECh. 9.5 - Prob. 8ECh. 9.5 - The payoff matrix for a game is [332311121] a....Ch. 9.5 - The payoff matrix for a game is [423422352] a....Ch. 9.5 - Prob. 11ECh. 9.5 - Prob. 12ECh. 9.5 - In Exercises 11-16, find the optimal strategies, P...Ch. 9.5 - Prob. 14ECh. 9.5 - Prob. 15ECh. 9.5 - Prob. 16ECh. 9.5 - COIN-MATCHING GAME Consider the coin-matching game...Ch. 9.5 - INVESTMENT STRATEGIES As part of their investment...Ch. 9.5 - INVESTMENT STRATEGIES The Maxwells have decided to...Ch. 9.5 - CAMPAIGN STRATEGIES Bella Robinson and Steve...Ch. 9.5 - MARKETING STRATEGIES Two dentists, Lydia Russell...Ch. 9.5 - Prob. 22ECh. 9.5 - Prob. 23ECh. 9.CRQ - Prob. 1CRQCh. 9.CRQ - Prob. 2CRQCh. 9.CRQ - Fill in the blanks. The probabilities in a Markov...Ch. 9.CRQ - Fill in the blanks. A transition matrix associated...Ch. 9.CRQ - Prob. 5CRQCh. 9.CRQ - Prob. 6CRQCh. 9.CRQ - Prob. 7CRQCh. 9.CRQ - Prob. 8CRQCh. 9.CRQ - Prob. 9CRQCh. 9.CRQ - Prob. 10CRQCh. 9.CRE - Prob. 1CRECh. 9.CRE - Prob. 2CRECh. 9.CRE - Prob. 3CRECh. 9.CRE - Prob. 4CRECh. 9.CRE - Prob. 5CRECh. 9.CRE - Prob. 6CRECh. 9.CRE - In Exercises 7-10, determine whether the matrix is...Ch. 9.CRE - Prob. 8CRECh. 9.CRE - Prob. 9CRECh. 9.CRE - Prob. 10CRECh. 9.CRE - In Exercises 11-14, find the steady-state matrix...Ch. 9.CRE - Prob. 12CRECh. 9.CRE - Prob. 13CRECh. 9.CRE - Prob. 14CRECh. 9.CRE - Prob. 15CRECh. 9.CRE - Prob. 16CRECh. 9.CRE - Prob. 17CRECh. 9.CRE - Prob. 18CRECh. 9.CRE - Prob. 19CRECh. 9.CRE - Prob. 20CRECh. 9.CRE - Prob. 21CRECh. 9.CRE - Prob. 22CRECh. 9.CRE - Prob. 23CRECh. 9.CRE - Prob. 24CRECh. 9.CRE - Prob. 25CRECh. 9.CRE - Prob. 26CRECh. 9.CRE - Prob. 27CRECh. 9.CRE - Prob. 28CRECh. 9.CRE - Prob. 29CRECh. 9.CRE - OPTIMIZING DEMAND The management of a divison of...Ch. 9.BMO - The transition matrix for a Markov process is...Ch. 9.BMO - Prob. 2BMOCh. 9.BMO - Prob. 3BMOCh. 9.BMO - Prob. 4BMOCh. 9.BMO - The payoff matrix for a certain game is A=[213234]...Ch. 9.BMO - Prob. 6BMO
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- Please draw or illustratearrow_forwardThe payoff matrix and strategies P and Q (for the row and column players, respectively) are given. Find the expected payoff E of each game. (Round your answer to two decimal places.) E = 31 [32] [33] -4 5 5 P.= Show My Work (Optional)? Q = 7arrow_forwardQ. 4 GAME THEORYarrow_forward
- depending The owner of a chain of mini-markets wants to compare the sales performance of two of her stores, Store 1 and Store 2. Sales can vary considerably on the day of the week and the season of the year, so she decides to eliminate such effects by making sure to record each store's sales on the same 12 days, chosen at random. She records the sales (in dollars) for each store on these days, as shown in the table below. Day Store 1 Store 2 144Hz Difference (Store 1 - Store 2) Send data to calculator H :O 0 1 TT Explanation 233 116 Check 117 V 2 355 3 ننا 4 394 503 146 275 644 5 485 581 6 (a) State the null hypothesis Ho and the alternative hypothesis H₁. 0 784 505 727 209 119 -141 -96 57 O Search 7 428 N 00 8 853 723 9 205 366 77 130 - 161 10 Based on these data, can the owner conclude, at the 0.05 level of significance, that the mean daily sales of the two stores differ? Answer this question by performing a hypothesis test regarding μ (which is μ with a letter "d" subscript), the…arrow_forwardConsider the following normal form of a game. A B C OC OA OD OB (-3,-4) (-1,0) What is the maximin strategy of the row player? D (-2,-5) (-4,-3)arrow_forwardLuca and Si play a snooker game, which consists of several rounds ('frames'). They are quite evenly matched: for the first frame, both have an equal probability of winning. However, Si's performance is influenced by the evolution of the game: if he looses a frame, his chances for winning the next one decrease to 48%; if he wins a frame, his chances for winning the next one increase to 51%. Suppose Luca and Si play 3 frames. a. What is the probability that all 3 frames are won by the same player? b. What is the probability that Luca wins the game, meaning he wins at least 2 of the 3 frames? € C. What is the probability that Luca wins the game if Si wins the first frame? . What is the expected number of games won by Luca?arrow_forward
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- If you were charged $8.00 to play this game, you, as the player, would on average see a [gain or loss] of [.50, .20, .10, 1.20] per spin.arrow_forwardH = 2 I = 8arrow_forwardedo exercises 17 and 18 in section 8.1 of your textbook, about the small animal who lives in an area with woods and meadows, using the following data:If the animal is in the woods on one observation, then it is twice as likely to be in the woods as the meadows on the next observation. If the animal is in the meadows on one observation, then it is three times as likely to be in the meadows as the woods on the next observation.Assume that state 1 is being in the meadows and that state 2 is being in the woods.(1) Find the transition matrix for this Markov process. (2) If the animal is initially in the woods, what is the probability that it is in the woods on the next three observations? (3) If the animal is initially in the woods, what is the probability that it is in the meadow on the next three observations?arrow_forward
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