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

question 86

Short Answer

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,what is the expected monetary value of spending 8 hours per week on average studying for the exam?

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Definitions:

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A series of tests conducted to evaluate vision and the ability to focus on and discern objects, as well as other tests and examinations pertaining to the eyes.

Community Screening

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Prosthetic Eye

An artificial replacement for an absent natural eye, crafted to improve aesthetic appearance.