Assume that Sophia and John have the following value function over exam scores: v(x) = x/2 for gains v(x) = 2x for losses Both of them use the expected exam score as their reference point. 1. Sophia expects to score 75 out of 100 on her upcoming midterm exam. What is her gain, in terms of value, if her final score is 93? 2. John also expects to score 75 out of 100 on his upcoming midterm exam. What is his loss, in terms of value, if his final score is 67? 3. If you use your expectation as a reference point, should you set high or low expectations for yourself?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.8: Fitting Exponential Models To Data
Problem 3TI: Table 6 shows the population, in thousands, of harbor seals in the Wadden Sea over the years 1997 to...
icon
Related questions
Question
Assume that Sophia and John have the following value function over exam scores:
v(x) = x/2 for gains
v(x) = 2x for losses
Both of them use the expected exam score as their reference point.
1. Sophia expects to score 75 out of 100 on her upcoming midterm exam. What is her gain, in terms of value, if her
final score is 93?
2. John also expects to score 75 out of 100 on his upcoming midterm exam. What is his loss, in terms of value, if
his final score is 67?
3. If you use your expectation as a reference point, should you set high or low expectations for yourself?
Transcribed Image Text:Assume that Sophia and John have the following value function over exam scores: v(x) = x/2 for gains v(x) = 2x for losses Both of them use the expected exam score as their reference point. 1. Sophia expects to score 75 out of 100 on her upcoming midterm exam. What is her gain, in terms of value, if her final score is 93? 2. John also expects to score 75 out of 100 on his upcoming midterm exam. What is his loss, in terms of value, if his final score is 67? 3. If you use your expectation as a reference point, should you set high or low expectations for yourself?
Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning