Answer the following questions based on the Strategy Region graph given below.When probability of high settlement is 12% and the probability of medium settlement is 40%, what is the optimal strategy?When probability of medium settlement is 20%, what is the highest probability of high settlement so that the Accept strategy to be optimal? **Title: Strategy Region for Node 'Settle ?'****Graph Explanation:**The graph illustrates a decision-making strategy based on probability outcomes for settlement values. It is titled "Strategy Region for Node 'Settle ?'," focusing on two potential actions: "Refuse" and "Accept."**Axes:**- **X-Axis:** Represents the "Probability of High ($10.3) Settlement," ranging from 0% to 40%.- **Y-Axis:** Represents the "Probability of Medium ($5) Settlement," ranging from 0% to 100%.**Data Points:**- **Blue Diamonds (▲):** Indicate scenarios where the strategy is to "Refuse."- **Red Triangles (▼):** Indicate scenarios where the strategy is to "Accept."**Detail:**- As the probability of a high settlement increases, more data points favor the "Refuse" strategy.- At higher probabilities of a medium settlement, the strategy fluctuates between "Refuse" and "Accept" depending on the probability of a high settlement.This graph is a visual representation to aid decision-makers in determining the appropriate course of action based on varying probabilities of settlement outcomes.

swer the following questions based on the Strategy Region graph given below. When probability of high settlement is 12% and the probability of medium settlement is 40%, what is the optimal strategy? When probability of medium settlement is 20%, what is the highest probability of high settlement so that the Accept strategy to be optimal?

swer the following questions based on the Strategy Region graph given below. When probability of high settlement is 12% and the probability of medium settlement is 40%, what is the optimal strategy? When probability of medium settlement is 20%, what is the highest probability of high settlement so that the Accept strategy to be optimal?

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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