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Calculate the expected payoff for the following cases, where q1 and q2 are the probabilities of state 1 and 2, respectively.
Inferential Statistics
A branch of statistics that allows one to make predictions or inferences about a population based on a sample of data.
Statistically Significant
Refers to a result in data analysis that is not likely to occur by chance alone, indicating a genuine effect or difference in a study.
Probability
A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.
Correlation Coefficient
A numerical measure that indicates the extent and direction of the relationship between two variables, ranging from -1 to 1.
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