A group of students raises money each year by selling Souvenirs outside the stadium after a cricket match between Teams A and B. They can buy any of the three different types of Souvenirs from a supplier. Their sales are mostly dependent on which team wins the match. A conditional pay-off table is as under : Type of Souvenirs II II $ 1,200 $ 250 $ 800 $ 700 $ 300 $ 1,100 Team A wins Team B wins (ii)Construct the opportunity loss table. (ii) Which type of Souvenir should the students buy if probability of Team A, winning is 0.6.

MATLAB: An Introduction with Applications
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Author:Amos Gilat
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A group of students raises money each year by selling Souvenirs outside the stadium after a cricket
match between Teams A and B. They can buy any of the three different types of Souvenirs from a
supplier. Their sales are mostly dependent on which team wins the match. A conditional pay-off table
is as under :
Type of Souvenirs
II
II
$ 1,200
$ 250
$ 800
$ 700
$ 300
$ 1,100
Team A wins
Team B wins
(ii)Construct the opportunity loss table.
(ii) Which type of Souvenir should the students buy if probability of Team A, winning is 0.6.
Transcribed Image Text:A group of students raises money each year by selling Souvenirs outside the stadium after a cricket match between Teams A and B. They can buy any of the three different types of Souvenirs from a supplier. Their sales are mostly dependent on which team wins the match. A conditional pay-off table is as under : Type of Souvenirs II II $ 1,200 $ 250 $ 800 $ 700 $ 300 $ 1,100 Team A wins Team B wins (ii)Construct the opportunity loss table. (ii) Which type of Souvenir should the students buy if probability of Team A, winning is 0.6.
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