In Using the Expected Value Criterion Suppose That There Are

question 67

Multiple Choice

In using the expected value criterion suppose that there are three possible outcomes (states of nature) .If the probability of outcome1 is 0.4 and the probability of outcome 2 is 0.5,then what is the probability of outcome 3?

• A)P(outcome 3)= 0.1
• B)P(outcome 3)cannot be determined
• C)P(outcome 3)= 1.0
• D)P(outcome 3)< 0

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Definitions:

Venn Diagram

A diagram using overlapping circles to illustrate the logical relationships between sets or groups and their respective elements.

Traditional View

A perspective or belief that adheres to long-established practices or interpretations.

Syllogism Validity

The measure of whether a deductive argument is logically sound, where the conclusion necessarily follows from the premises.

Traditional View

The traditional view often refers to the long-established or conventional perspective on a subject.