because the expected value of the game (without considering the cost) is $ arest cent as needed.)
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- In repeated games, players choose their actions... Select one: O a. always simultaneously O b. always sequentially. O c. simultaneously or sequentially.The statement: “If we lower the price of this product by 5 percent, then our profit will increase by 3 percent” represents what type of statement? a. a wild guess b. a conclusion c. a decision rule d. a hypothesis e. an educated guessA lawyer, considering taking a case figures that there is a two and five chances of winning the case in the court and earning his firm $400,000, a two and five chances of losing and costing his firm $250,000, and a one and five chances of settling out of court and bringing in $200,000. Should the lawyer take the case based on his expected payoff? explain using mathematical argument.
- Personal Earnings. Beverly is presented with four different offers, which one would you recommend her to choose for making the highest equivalent hourly rate? O a. Base monthly salary of $1,000.00 and 2.00% commission on first $120,000.00 of sale and 3.50% commission on remining sale (expected monthly sale is $250,000.00) with 40 weekly workhours O b. Base weekly salary of $250.00 and 2.50% commission on first $200,000.00 of sale and 4.00% on remaining sale (expected monthly sale is $250,000.00) with 40 weekly workhours O . Weekly salary of $2,000.00 with 40 weekly workhours O d. Monthly salary of $8,000.00 with 40 weekly workhoursYou have inherited a lottery ticket that may be a $5,000 winner. You have a 35% chance of winning the $5,000 and a 65% chance of winning $0. You have an opportunity to sell the lottery ticket for $1,500. What is your expected return and what should you do if are risk neutral?There is a 0.9984 probability that a randomly selected 31-year-old male lives through the year. A life insurance company charges $159 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $80,000 as a death benefit. Complete parts (a) through (c) below. a. From the perspective of the 31-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving? The value corresponding to surviving the year is $ The value corresponding to not surviving the year is $ (Type integers or decimals. Do not round.)
- Two students in a microeconomics class traveled to a football game just before the midterm and drank too much to be able to study. So they telephoned their professor and lied to him, saying that a flat tire had delayed them. "No problem," said the professor. "Take the test tomorrow." When they arrived, the professor put each student in a separate room for taking the test. The first question, worth 5 points, was easy. The second question was worth 95 points: "Which tire?" Calculate, for each student, the expected test score.Write the factors of the three scenariosa) Finding annuities given present value;b) Finding annuities given future value;c) Finding present value given annuities.A certain game involves tossing 3 fair coins, and it pays 11¢ for 3 heads, 7¢ for 2 heads, and 4e for 1 head. Is 7¢a fair price to pay to play this game? That is, does the 7¢ cost to play make the game fair? .... The 7¢ cost to play a fair price to pay because the expected winnings are (Type an integer or a fraction. Simplify your answer.)
- Suppose it costs $29 to roll a pair of dice. You get paid 4 dollars times the sum of the numbers that appear on the dice. What is the expected payoff of the game? Is it a fair game? The expected payoff of the game is $? is it a fair game?1. A student is planning to spend her saving to get a new iPhone which costs $2500. The store gives a regular discount of 15% from the original price. However, if she buys the phone within that month, she is entitled an additional discount of 5% on top of the regular discount. (a) Find the selling price of the phone with regular discount. (b) Find the selling price with an additional discount, the student will pay if she buys the phone within that month.A certain game involves tossing 3 fair coins, and it pays 13¢ for 3 heads, 6¢ for 2 heads, and 2¢ for 1 head. Is 6¢ a fair price to pay to play this game? That is, does the 6¢ cost to play make the game fair? The 6¢ cost to play is not a fair price to pay because the expected winnings are (Type an integer or a fraction. Simplify your answer.) c.
