​A Customer Purchased 3 Tablets for $1

question 21

Short Answer

​A customer purchased 3 tablets for $1.25 each, 6 pencils for $0.20 each, and 2 notebooks for $1.35 each. All prices include tax. The customer handed the salesperson a ten-dollar bill. Compute the amount of change the customer should have received.

---

Definitions:

Expected Monetary Value

A calculation used in decision-making to determine the average outcome when the future includes scenarios that may or may not happen.

Analytic Decision Making

The process of making choices by systematically analyzing information, evaluating alternatives, and basing decisions on rational evidence.

Maximin Criterion

A decision rule used in statistics, economics, and game theory that selects the action maximizing the minimum payoff possible from available choices.

Maximax Criterion

A decision rule used in scenarios of uncertainty to select the option with the maximum possible payoff, focusing on the most optimistic outcome.