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

question 52

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 maximum amount that the student is willing to pay to obtain perfect information?

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Definitions:

Dialectic Speech

A form of dialogue or discussion that involves contradictory positions or arguments, aiming to arrive at a higher truth through reasoning.

Click Languages

Languages that use click sounds as phonemes, primarily found among certain indigenous peoples of Africa.

Consonant Sounds

Speech sounds made by temporarily stopping or restricting the airflow through the mouth, such as "b," "d," and "g," distinguished from vowel sounds.

Africa

The second-largest continent on Earth, known for its diverse cultures, languages, geographic features, and historical significance.