Instruction 17-6
a Student Wanted to Find Out the Optimal

question 18

True/False

Instruction 17-6
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 17-7,the optimal strategy using the expected opportunity loss (EOL)criterion is to study 8 hours per week on average for the exam.

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Definitions:

Peaceful Relations

The state or condition of being free from conflict or dispute between countries, groups, or individuals, often achieved through diplomacy and mutual agreements.

Human Rights

The universal rights and freedoms to which all humans are inherently entitled, such as the rights to life, liberty, equality, and dignity, protected by international law.

Political Weapon

Methods or tactics used within political frameworks to gain advantage, manipulate public opinion, or damage an opponent's position or reputation.

West Bank

A territory located in the Middle East, landlocked between Israel and Jordan, central to the Israeli-Palestinian conflict.