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

question 181

Short Answer

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, what is the coefficient of variation of spending 8 hours per week on average studying for the exam?

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Definitions:

Testable Hypothesis

One that can be shown to be false by reference to empirical evidence.

Related

Having a connection or association to something else, often in terms of relevance or similarity.

Objectivity

The practice of maintaining impartiality and neutrality, avoiding personal biases in judgment or analysis.