TABLE 17-6
a Student Wanted to Find Out the Optimal

question 14

Short Answer

TABLE 17-6
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 average amount of time he needed to put in every week studying 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.
$$\begin{array} { | l | c | c | c | } \hline & \text { 16 hours } & 8 \text { hours } & \text { 4 hours } \\\hline \text { Easy Exam } & 40 & 60 & 80 \\\hline \text { Difficult Exam } & 100 & 50 & 0 \\\hline\end{array}$$
-Referring to Table 17-6, what is the expected value of perfect information?

---

Definitions:

Scabies

A contagious skin condition caused by tiny mites burrowing into the skin, leading to itching and rash.

Pediculosis

A parasitic infestation of lice on the human body, often affecting areas like the head, body, or pubic region.

Eczema

A group of conditions that cause inflammation, itchiness, and redness of the skin, often due to allergic reactions or sensitivities.

Scabies

An infectious skin disease resulting from minuscule mites tunneling into the dermis, causing severe itchiness and skin eruptions.