Examlex
A change of state occurring in a system is accompanied by 60.7 kJ of heat that is transferred to the surroundings at a constant pressure and at a constant temperature of 300 K.Calculate the ΔS(surroundings) for the process.
Expected Utility
A concept in economics and finance that calculates the anticipated utility of different choices, taking into account the various possible outcomes and their probabilities.
Expected Utility Function
A mathematical representation of a decision-maker's preference over uncertain outcomes, emphasizing the expected level of satisfaction or value.
Probability
A numerical assessment between 0 and 1 indicating how probable it is for an event to take place.
Expected Value
The weighted average of all possible values of a random variable, with weights being their respective probabilities.
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