TABLE 17-5
the Following Payoff Table Shows Profits Associated with a Set

question 118

Short Answer

TABLE 17-5
The following payoff table shows profits associated with a set of 2 alternatives under 3 possible events.

$\quad$ $\quad$ $\quad$ $\quad$ $\text {Action }$
$\begin{array} { c c c } \text { Event } & A & B \\1 & 1000 & 1200 \\2 &500 & 700\\3&300&-200\end{array}$
Suppose that the probability of Event 1 is 0.2, Event 2 is 0.5, and Event 3 is 0.3.
-Referring to Table 17-5, what is the optimal action using EOL?

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Definitions:

Listening Skills

Refer to the ability to accurately receive and interpret messages in the communication process, crucial for effective interpersonal relations.

Body Language

The nonverbal signals that we use to communicate our feelings and intentions to others, including gestures, postures, and facial expressions.

Suspend Judgment

The practice of withholding judgment or conclusion until all evidence has been considered or more information is obtained.

Game Playing

Engaging in activities for entertainment or competition, which could also imply strategic behavior in non-entertainment contexts like business or politics.