TABLE 19-6 a Student Wanted to Find Out the Optimal Strategy to Strategy

question 114

True/False

TABLE 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.

-Referring to Table 19-6, the optimal strategy using the return-to-risk ratio criterion is to study 8 hours per week on average for the exam.

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Definitions:

14th Amendment

An amendment to the U.S. Constitution granting citizenship to all persons born or naturalized in the United States, including former slaves, and providing all citizens with equal protection under the laws.

Freedmen

Former enslaved individuals who were emancipated, especially in the context of the United States following the Civil War.

Reconstruction

The period after the American Civil War (1865-1877) focused on rebuilding the United States, especially the South, and integrating formerly enslaved people into society.

Congress

A legislative body of a country, particularly in the United States, responsible for making laws.