7. The following table gives the payoffs of the acts A, B, C and the states of nature P, Q,R. The probabilities of the states of nature are 0-2, 0-3 and 0-5 respectively. Calculate the ExpectedMonetary Values (EMV) and select the best act :States of NatureActsBC- 300- 500200- 100250300300500600

Answered: Image /qna-images/answer/c14badbd-f322-42c3-be17-37d39d7b26c5.jpg

Answered: 7. The following table gives the…

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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A payoff table is given as (payoffs = profits) If the probabilities of s1, s2, and s3 are .2, .4, and .4, respectively, then what decision should be made under expected value? What is the EVPI? Please answer clearly.
You are on a TV show. You have been asked to either play a dice game five times or accept a $120 bill. The dice game works like this: If you roll a 1 or 5, you win $50. If you roll a 4, you win $150. If you roll a 2, 3 or 6, you lose $30. Should you play the game? Answer yes or no. __________ Use expected values and decision theory to justify your answer. Please round the answer to two decimal places. Expected value of five games is $__________
You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent
D The chances of winning are often written in terms of odds rather than probabilities. The odds of winning is the ratio of the number of successful outcomes to the number of unsuccessful outcomes. The odds of losing is the ratio of the number of unsuccessful outcomes to the number of successful outcomes. For example, if the number of successful outcomes is 2 and the number of 2 unsuccessful outcomes is 3, the odds of winning are 2:3 (read "2 to 3") or. A card is picked at random from a standard deck of 52 playing cards. Find the odds that it is a spade. new an example Ask my instructor ✓ The odds that it is a spade are (Simplify your answer) PBSC A&P 2 Lapptx A 3 E D F с $ 4 R F 2 V PBSC A&P 2 Lapptx %6 5 T G B 6 MacBook Air Y H 7 PBSC A&P 2 La...pptx N 17 U J 8 M FALL F I ( 9 K PBSC A&P 2 La...pptx ** O O L command P 1 - Clear all : ; t { option ? I 11 I Check answer Show All *** 1 delete retu
A payoff table is given as S1 S2 S3 D1 250 750 500 D2 300 -250 1200 D3 500 500 600 a. What choice should be made by the optimistic decision maker? b. What choice should be made by the conservative decision maker? c. What decision should be made under minimax regret? d. If the probabilities of d1, d2, and d3 are .2, .5, and .3 respectively, then what choice should be made under expected value?
A lottery offers one $1000 prize, two $700 prizes, three $400 prizes, and five $100 prizes. One thousand tickets are sold at $7 each. Find the expectation if a person buys four tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize. Round to two decimal places for currency problems The expectation of a person buys four tickets is… dollars
Make a prize distribution table for a six player game. Prizes are variable but can range from $5 - $200 (Betting options are in $5, $10, $30 & $50 intervals) depending on bets. Each player's prizes are independent from other players. Since the game has a betting system we will need to make categories of winnings. Option for 0/6 winners Option for 1/6 winner Option for 2/6 winners:
A player pays 4 to play the following game The player tosses three fair coins and receives payoifs of 1 if he tosses no heads, 2 for one head, 3 for two heads, and 5 for three heads. What is the player's expected net winnings (or loss) for the game?
Refer to the following payoff table: State of Nature Alternative S1 S2 A1 75 −40 A2 0 100 Prior Probability 0.6 0.4 There is an option of paying $100 to have research conducted 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. What is the posterior probability of S1 given that the research predicts S1? Multiple Choice: 0.18 0.82 0.57 0.44 0.65
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Alyssa and Gabriel play a game. Alyssa rolls a die. If she rolls a 1, 2, or 3, Gabriel gives away $3. If Alyssa rolls a 4 or 5, he gives her $2. However if she rolls a 6, she gives him $22. Determine Alyssa's expectation and determine Gabriel's expectation

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