SCENARIO 19-6
a Student Wanted to Find Out the Optimal

question 4

Short Answer

SCENARIO 19-6
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 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. $$\begin{array} { | l | l | l | l | } \hline & 16 \text { hours } & 8 \text { hours } & 4 \text { hours } \\\hline \text { Easy Exam } & 40 & 60 & 80 \\\hline \text { Difficult Exam } & 100 & 50 & 0 \\\hline\end{array}$$
-Referring to Scenario 19-6, what is the opportunity loss of spending 4 hours per week on average
studying for the exam when the exam turns out to be easy?

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Definitions:

Cell Organelle

Specialized subunits within a cell that have specific functions, essential for the cell to operate properly, such as mitochondria and the Golgi apparatus.

Nucleus

The central and most important part of an atom, cell, or object, containing the protons and neutrons in the case of an atom, or genetic material in the case of a cell.

Carbonic Acid

A weak acid that is formed in solution when carbon dioxide is dissolved in water, playing a vital role in the buffering system of the blood.

Acid Base

Refers to the concepts in chemistry dealing with the balance between acids and bases in a solution, affecting pH levels.