State of Nature
the Following Table Displays the Payoffs (In

question 31

Short Answer

State of Nature
The following table displays the payoffs (in thousands of dollars)for five different decision alternatives under three possible states of nature: $$\begin{array}{l}\text { State of Nature }\\\begin{array} { | c | c | c | c | } \hline \text { Alternative } & \begin{array} { c } \text { I } \\\text { Prob. } = \mathbf { 0 . 2 }\end{array} & \begin{array} { c } \text { II } \\\text { Prob. } = \mathbf { 0 . 3 }\end{array} & \begin{array} { c } \text { III } \\\text { Prob. } = \mathbf { 0 . 5 }\end{array} \\\hline \text { A } & \$ 110 & \$ 80 & - \$ 20 \\\text { B } & \$ 90 & \$ 85 & \$ 10 \\\text { C } & \$ 45 & \$ 65 & \$ 45 \\\text { D } & \$ 30 & \$ 60 & \$ 65 \\\text { E } & \$ 10 & \$ 25 & \$ 70 \\\hline\end{array}\end{array}$$
-Based on the expected opportunity loss criterion,what is the best decision alternative?

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Definitions:

Biaxial Joint

A type of synovial joint that allows movement around two axes, providing a greater range of motion, such as seen in the wrist or ankle.

Articular Cartilage

A smooth, white tissue that covers the ends of bones where they come together to form joints.

Plantar Flexion

The movement of the foot that increases the angle between the sole of the foot and the back of the leg, like pointing the toes.

Dorsiflexion

The movement that elevates the foot upwards towards the shin, decreasing the angle between the dorsum of the foot and the leg.