Provide an Appropriate Response

question 32

Multiple Choice

Provide an appropriate response.
-Are the points A(-3, 11) , B(0, 8) , C(2, 0) , and D(5, 3) the vertices of a parallelogram (opposite sides equal in length) ? of a rhombus (all sides equal in length) ?

• A) no; yes
• B) no; no
• C) yes; no
• D) yes; yes

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Definitions:

States of Nature

Hypothetical conditions or scenarios in decision theory and economics, representing all possible situations that could affect the outcome of a decision.

EMV

An acronym for Expected Monetary Value, a calculation used in decision making that quantifies the average outcome of a future event in monetary terms.

Payoff Table

A tool used in decision making that shows the outcome or results of different strategies under various conditions.

Expected Value Criterion

A decision-making approach that aims to maximize the expected outcome by taking into account all possible variations in performance.