Instruction 17-1
a Student Wanted to Find Out the Optimal

question 83

Short Answer

Instruction 17-1
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 17-1,how many possible courses of action are there?

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Definitions:

Social Responsibility

The obligation of individuals, organizations, and businesses to act for the benefit of society at large, often emphasizing sustainability and ethical practices.

Philanthropic

Relating to the act of giving money, goods, time, or effort to support a charitable cause, often with no financial benefit to the giver.

Financial Donation

A gift or contribution of money made to a charitable organization or cause.

Earned Income

Income generated from business activities or services provided, distinguishing it from investment or donated income.