Instruction 17-2
a Student Wanted to Find Out the Optimal

question 36

Multiple Choice

Instruction 17-2
A student wanted to find out the optimal strategy to study for a Business Statistics exam. He constructed the following payoff table based on the mean amount of time he needed to put in every week studying for the course and the degree of difficulty of the exam. From the information that he gathered from students who had taken the course, he concluded that there was a 40% probability that the exam would be easy.
$$\begin{array} { | l | l | l | l | } \hline & 16 \text { hours } & 8 \text { hours } & 4 \text { hours } \\\hline \text { Easy Exam } & 40 & 60 & 80 \\\hline \text { Difficult Exam } & 100 & 50 & 0 \\\hline\end{array}$$
-Referring to Instruction 17-2,if the probability of S1 is 0.5,then the expected opportunity loss (EOL) for A3 is _______.

• A) 3
• B) 4.5
• C) 8
• D) 7

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Definitions:

Postformal Thought

A period following Piaget’s formal operational stage that includes creativity, intuition, and the ability to consider information related to other ideas; postformal thinkers can comprehend and balance arguments created by both logic and emotion.

Principled Reasoning

A method of decision-making based on a set of moral principles or values, rather than on the consequences or practical outcomes.

Erikson

A psychologist known for his theory on the psychosocial development of humans, outlining eight stages from infancy to adulthood.