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

question 5

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 opportunity loss of spending 8 hours per week on average studying for the exam?

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Definitions:

Palatopharyngeus

A muscle of the pharynx which plays a role in swallowing by helping close the nasopharynx and elevating the pharynx.

Sternocleidomastoid

A muscle in the neck that plays a key role in the movement of the head.

Temporalis

A broad, fan-shaped muscle on each side of the head that is involved in chewing and helps to close the jaw.

Vocalis

The muscle located within the vocal folds that adjusts tension, playing a key role in producing speech sounds by controlling pitch and tone.