. For the decision tree branch shown, determine the expected values of the twooutcomes if decision D3 is already selected and the maximum outcome value issought. (This decision branch is part of a larger tree.)ProbabilityValue,0.4550.3- 300.310D30.6- 170.4

Here given decision tree branch : Probabilities and corresponding values given : We have to…

Answered: For the decision tree branch shown,…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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You are on a TV show. You have been asked to either play a dice game four times or accept a $50 bill. Thedice game works like this:If you roll a 1, 2, you lose $30. If you roll a 3, 4 or 5, you win $100. If you roll a 6, you lose $50.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 four games is $__________.
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 $__________
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Draw and appropriate tree diagram, and use the multiplication principle to calculate the probabilities of all the outcomes. Each day, there is a 20% chance that you will sell an automobile. You know that 30% of all the automobiles you sell are two-door models and the rest are four-door models.
An experiment consists of two independent trials. The outcomes of the first trial are A, B, and C, with probabilities of occurring equal to 0.2, 0.4, and 0.4, respectively. The outcomes of the second trial are E and F, with probabilities of occurring equal to 0.7 and 0.3. Draw a tree diagram representing this experiment. Use this tree diagram to find the probabilities below. (a) P(B)(b) P(F | B)(c) P(B F)(d) P(F)(e) Does P(B F) = P(B) · P(F)? YesNo (f) Are B and F independent events? YesNo
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?

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For the decision tree branch shown, determine the expected values of the two outcomes if decision D3 is already selected and the maximum outcome value is sought. (This decision branch is part of a larger tree.) Probability Value, 0.4 55 0.3 - 30 0.3 10 D3 0.6 - 17 0.4