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

question 47

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

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Definitions:

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The outer, protective, non-vascular layer of the skin, comprised of keratinized cells.

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Hydrogen Peroxide

A chemical compound used for its oxidizing properties, commonly found in disinfectants and bleaching agents.