Consider the Following Scenario When Answering the Following Questions

question 160

Multiple Choice

Consider the following scenario when answering the following questions:
Suppose that,in an experimental setting,100 students are asked to choose between Gamble A and Gamble B,where:
Gamble A: The student will receive $5 million with a 100 percent probability.
Gamble B: The student will receive $5 million with a 51 percent probability,$10 million with a 25 percent probability,and $0 million (nothing) with a 24 percent probability.
-What is the expected value of Gamble B?

• A) $5 million
• B) $5.01 million
• C) $5.05 million
• D) $10 million
• E) $0 million

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Definitions:

Creative Behaviour

The capability to come up with original and useful ideas, solutions, or approaches in various contexts.

External Environment

The factors or conditions outside an organization that affect its operations and performance, including political, economic, social, and technological aspects.

Design Competitions

Contests and challenges where individuals or teams compete to create solutions or products according to specific criteria and constraints.

Crowdsourcing

The practice of obtaining information, ideas, or input into a task or project by enlisting the services of a large number of people, typically via the internet.