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

question 8

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 16 hours per week on average studying for the exam?

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Definitions:

Feedback

Information provided about the results of an action or process, used as a basis for improvement.

Buying Center

The group of individuals within an organization who are involved in making a purchase decision.

Influencer

An individual with a significant following on social media or other platforms, whose opinions and actions can affect the buying habits or views of their audience.

Audio Equipment

Devices and systems used for producing, recording, and reproducing sound, including microphones, speakers, and amplifiers.