4 Flight options. You are booking international flights for a holiday. The cost of a returneconomy non-refundable flight is $2,400 compared to a fully refundable ticket which costs $3,200.You estimate the odds are 1:7 that you will need to cancel your flight.(a) Draw the corresponding decision tree.(b) Determine the best decision and the expected cost associated with that decision.(c) How much would the refundable ticket need to cost for the expected utility of both optionsto be equal?(d) Draw the "flipped" tree (of that from part (a)) and calculate the EVPI.(e) Explain what EVPI means in this case.

Cost of an economy non-refundable return ticket = $2400Cost of a refundable ticket = $3200Odd that…

Answered: 4 Flight options. You are booking…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Camden read about a study in which 200 vegetarians were asked to sample a fruit bar. The study reported that 170 of the 200 vegetarians surveyed disliked the bar. The study had a margin of error of 4%. Which statement can be concluded from this report? A. It is likely that between 81% and 89% of vegetarians will dislike the fruit bar. B. It is likely that between 81% and 89% of people will dislike the fruit bar. C. Approximately 85% of people who like fruit will dislike the fruit bar. D. Approximately 85% of people surveyed do not like fruit.
Suppose Kim is deciding whether to open a gym or a diner. Her friend Tim, who is a finance expert, advised that there is a 45% chance that the gym will be successful and return a payoff of $55000 and a 55% chance that it will fail and lose $9500. Tim also advised that there is an 80% chance that the diner will be successful with a payoff of $30000 and a 20% chance of failure with a loss of $6000. 13) What is the expected payoff for the gym? a) 18000 b) 16525 c) 19555 d) 19525
A man buys a racehorse for $25,000 and enters it in two races. He plans to sell the horse afterward, hoping to make a profit. If the horse wins both races, its value will jump to $105,000. If it wins one of the races, it will be worth $65,000. If it loses both races, it will be worth only $10,000. The man believes there is a 30% chance that the horse will win the first race and a 35% chance that it will win the second one. Assuming that the two races are independent events, find the man's expected profit.
A lawyer considers taking a case figures that there is a 40% chance of winning the case in court and earning his firm $400,000, a 50% chance of losing the case in court and costing his firm $150,000, and a 10% chance of settling out of court and bringing in $200,000. What is the expected payoff of the case for the firm?
You plan to survey fans regarding whether they pay $1 more for an upcoming album if it came with a code that lets them download cool images and videos from the bands website. If you want the margin of error to be no more than 4.25% what is the minimum number of people you need to survey? Suppose you do this survey using the number calculated in part (a) and 90% of people surveyed said they'd pay that extra dollar. Your boss is concerned that your sample was too limited geographically, so you do the survey all over again ( sampling a new, equal size, group of people). The second time you do the survey, 70% of people surveyed say they'd pay that extra dollar. Which one of the following statements are true? A. The second time you did the survey, the margin of error was smaller. B. The second time you did the survey, the margin of error was equal. C The second time you did the survey the margin of error was larger
Decision Analysis
Course: StatisticsThe average number of messages received by an operator of a telecommunications company is 10 messages per hour. Determine the probability that 12 messages will be received in the next hour.Select one:a. The probability is 19.5%.b. The probability is 9.5%.c. The probability is 0.95%.d. The probability is 9%.e. The probability is 0.195%.
ASAP PLEASE If your trading systerm has a losing percentage of 45%, how likely it is to have a series of four losses in a row? 1% 2.25% 45% 4.10%
B. Perimeter Shot - A perimeter shot, also known as a mid-range shot, is a jump shot or general field goal attempt that an offensive player can take inside of the three-point line and is worth 2 points. To practice this, Piel has to choose four different shooting spots among the five different spots in where he is comfortable of shooting. In previous games, his shot selection is 5% from the right baseline (Spot 1), 15% from the right elbow (Spot 2), 20% from the top of the key (Spot 3), 25% from the left elbow (Spot 4) and 35% from the left baseline (Spot 5). In this drill, a shooting spot can be selected once, multiple times, or not at all. This drill illustrates a random experiment with distribution. To help Piel decide, below is the partial table for the means and standard deviations of the random variable, Y, or the number of times he shoot the ball in a shooting spot. Shooting Spot E[Y] SD[Y] Spot 1 0.2 0.4359 Spot 2 0.6 0.7141 Spot 3 0.8 0.8000 Spot 4 the mean of 1.4 by will…
B. Perimeter Shot - A perimeter shot, also known as a mid-range shot, is a jump shot or general field goal attempt that an offensive player can take inside of the three-point line and is worth 2 points. To practice this, Piel has to choose four different shooting spots among the five different spots in where he is comfortable of shooting. In previous games, his shot selection is 5% from the right baseline (Spot 1), 15% from the right elbow (Spot 2), 20% from the top of the key (Spot 3), 25% from the left elbow (Spot 4) and 35% from the left baseline (Spot 5). In this drill, a shooting spot can be selected once, multiple times, or not at all. This drill illustrates a random experiment with distribution. To help Piel decide, below is the partial table for the means and standard deviations of the random variable, Y, or the number of times he shoot the ball in a shooting spot. Shooting Spot E[Y] SD[Y] Spot 1 0.2 0.4359 Spot 2 0.6 0.7141 Spot 3 0.8 0.8000 Spot 4 the mean of 1.4 by will…

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