SCENARIO 20-6
A student wanted to find out the optimal strategy to study for a Business Statistics exam with scores out of 100 possible points.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.
-Referring to Scenario 20-6,what is the opportunity loss of spending 8 hours per week on average studying for the exam when the exam turns out to be difficult?
Definitions:
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