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A Person Is Trying to Decide If He or She

question 21

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A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $2.00. If the ticket is a winner,the prize would be $1,000. Knowing that winning $1,000 is not a certain outcome (state of nature) ,the person finds that the probability of winning is 0.001. Based on this information,the following payoff table can be constructed: A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $2.00. If the ticket is a winner,the prize would be $1,000. Knowing that winning $1,000 is not a certain outcome (state of nature) ,the person finds that the probability of winning is 0.001. Based on this information,the following payoff table can be constructed:   What is the decision that uses a maximax or optimistic approach? A) Buy B) Don't buy C) Lose D) Win What is the decision that uses a maximax or optimistic approach?


Definitions:

Homo and Hetero Sexualities

Terms describing sexual orientation; homosexuality refers to attraction to the same sex, while heterosexuality refers to attraction to the opposite sex.

Heterosexual

An individual who is attracted to members of the opposite sex.

Gay Liberation Movement

A social and political movement of the late 20th century that sought to achieve equal rights and societal acceptance for LGBTQ+ individuals.

Stonewall Riots

A series of spontaneous, violent demonstrations by members of the LGBTQ community against a police raid that took place at the Stonewall Inn, New York City in 1969, marking the beginning of the modern gay rights movement.

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