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The mean annual precipitation in inches and number of days per year with measurable precipitation by selected cities are given in the following table.If the average number of days with rain is one greater in Tupelo than in Tucumcari,what do you estimate the difference in average annual rainfall will be?
Certainty Effect
The tendency for people to give greater weight to outcomes that are certain, compared to outcomes that are probable, often observed in decision-making under uncertainty.
Definite Outcomes
A term used to describe results or consequences that are clear, predictable, and unambiguous.
Probabilities
The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
Decision Making
The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.
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