Refer to the Following Payoff Table

question 29

Multiple Choice

Refer to the following payoff table:

There is an option of paying $100 to have research done to better predict which state of nature will occur. When the true state of nature is S1, the research will accurately predict S1 60% of the time. When the true state of nature is S2, the research will accurately predict S2 80% of the time.
Given that the research is done, what is the joint probability that the state of nature is S1 and the research predicts S1?

• A) 0.08
• B) 0.16
• C) 0.24
• D) 0.32
• E) 0.36

---

Definitions:

Time Management

The process of planning and exercising control over the amount of time spent on specific activities, aimed at increasing efficiency and productivity.

Preserve Time

The practice of managing and allocating time effectively to ensure the conservation of time resources for high-priority tasks.

Preserve Time

Refers to the maintenance and protection of time as a valuable resource, ensuring it is utilized effectively and not wasted.

Avoid Interruptions

Strategies or practices aimed at minimizing disruptions in order to maintain focus and increase productivity.