TABLE 19-6 a Student Wanted to Find Out the Optimal Strategy to Strategy

question 70

True/False

TABLE 19-6
A student wanted to find out the optimal strategy to study for a Business Statistics exam.He constructed the following payoff table based on the mean amount of time he needed to study every week for the course and the degree of difficulty of the exam.From the information that he gathered from students who had taken the course,he concluded that there was a 40% probability that the exam would be easy.
-True or False: Referring to Table 19-6,the optimal strategy using the maximin criterion is to study 8 hours per week on average for the exam.

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Definitions:

Economy's Productivity

A measure of how efficiently goods and services are produced within an economy, typically quantified as output per unit of labor input.

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Factors or variables that cause changes in an economic model's behavior or outcomes.

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The degree of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area.

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