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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.
-Referring to Instruction 17-6,the optimal strategy using the coefficient of variation criterion is to study 8 hours per week on average for the exam.
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A demographic term where the number of people in a specified population neither grows nor declines, meaning the birth rate equals the death rate.
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