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Example 21.3 A group of volunteers of a service organisation raise money each year by selling gift articles outside a stadium after a football match between teams A and B. They can buy any of the three different articles from a dealer. Their sales are mostly dependent on the team that wins the match. A conditional payoff table is as under: Payoff Table Type of gift articles II III Team A wins Rs 1,500 Rs 700 Rs 1,000 Rs 700 Team B wins Rs 500 Rs 900 (i) Construct the opportunity loss table. (ii) Which type of gift article should the volunteers buy if the probability of team A's wining is 0.7?

Example 21.3 A group of volunteers of a service organisation raise money each year by selling gift articles outside a stadium after a football match between teams A and B. They can buy any of the three different articles from a dealer. Their sales are mostly dependent on the team that wins the match. A conditional payoff table is as under: Payoff Table Type of gift articles II III Team A wins Rs 1,500 Rs 700 Rs 1,000 Rs 700 Team B wins Rs 500 Rs 900 (i) Construct the opportunity loss table. (ii) Which type of gift article should the volunteers buy if the probability of team A's wining is 0.7?

MATLAB: An Introduction with Applications
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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Example 21.3 A group of volunteers of a service organisation raise money each year by selling gift articles outside a stadium after a football match between teams A and B. They can buy any of the three different articles from a dealer. Their sales are mostly dependent on the team that wins the match. A conditional payoff table is as under: Payoff Table Type of gift articles II III Team A wins Rs 1,500 Rs 1,000 Rs 700 Team B wins Rs 700 Rs 500 Rs 900 (i) Construct the opportunity loss table. (ii) Which type of gift article should the volunteers buy if the probability of team A's wining is 0.7?
Transcribed Image Text:Example 21.3 A group of volunteers of a service organisation raise money each year by selling gift articles outside a stadium after a football match between teams A and B. They can buy any of the three different articles from a dealer. Their sales are mostly dependent on the team that wins the match. A conditional payoff table is as under: Payoff Table Type of gift articles II III Team A wins Rs 1,500 Rs 1,000 Rs 700 Team B wins Rs 700 Rs 500 Rs 900 (i) Construct the opportunity loss table. (ii) Which type of gift article should the volunteers buy if the probability of team A's wining is 0.7?
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