The career counselor at Mountain Peak College has a tough job. She is expected to provide information to help students decide which major they should take. The counselor knows that she can use quantitative analysis to help her with her work. She did a survey and came up with six most popular degree programs at her college. One of the biggest factors she considered was the "earning" power of the degree in four different economic conditions. The table below presents the information she collected on the degree programs. The amounts shown are 3-year gross salaries of the alumni she surveyed. During recession: During average economy: Game design engineer = $145k Game design engineer = $175k Nursing = $150k Nursing = $180k Hospitality = $115k Hospitality = $165k Business = $130k Business = $180k Biotechnology = $115k Biotechnology = $145k Computer Science = $125k Computer Science = $150k During good economy: During a bullish economy: Game design engineer = $220k Game design engineer = $260k Nursing = $205k Nursing = $215k Hospitality = $220k Hospitality = $320k Business = $210k Business = $280k Biotechnology = $235k Biotechnology = $305k Computer Science = $190k Computer Science = $250k The college offered to pay for a projection of the probability of each economic condition over the next 3 years. The research company estimated that: P(recession) = 0.20; P(average economy) = 0.40; P(good economy) = 0.30; P(bullish economy) = 0.10

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The career counselor at Mountain Peak College has a tough job. She is expected to provide information to help students
decide which major they should take. The counselor knows that she can use quantitative analysis to help her with her
work. She did a survey and came up with six most popular degree programs at her college. One of the biggest factors
she considered was the "earning" power of the degree in four different economic conditions. The table below presents
the information she collected on the degree programs. The amounts shown are 3-year gross salaries of the alumni she
surveyed.
During recession:
During average economy:
Game design engineer = $145k
Game design engineer = $175k
Nursing = $150k
Nursing = $180k
Hospitality = $115k
Hospitality = $165k
Business = $130k
Business = $180k
Biotechnology = $115k
Biotechnology = $145k
Computer Science = $125k
Computer Science = $150k
During good economy:
During a bullish economy:
Game design engineer = $220k
Game design engineer = $260k
Nursing = $205k
Nursing = $215k
Hospitality = $220k
Hospitality = $320k
Business = $210k
Business = $280k
Biotechnology = $235k
Biotechnology = $305k
Computer Science = $190k
Computer Science = $250k
The college offered to pay for a projection of the probability of each economic condition over the next 3 years. The
research company estimated that:
P(recession) = 0.20; P(average economy) = 0.40; P(good economy) = 0.30; P(bullish economy) = 0.10
Transcribed Image Text:The career counselor at Mountain Peak College has a tough job. She is expected to provide information to help students decide which major they should take. The counselor knows that she can use quantitative analysis to help her with her work. She did a survey and came up with six most popular degree programs at her college. One of the biggest factors she considered was the "earning" power of the degree in four different economic conditions. The table below presents the information she collected on the degree programs. The amounts shown are 3-year gross salaries of the alumni she surveyed. During recession: During average economy: Game design engineer = $145k Game design engineer = $175k Nursing = $150k Nursing = $180k Hospitality = $115k Hospitality = $165k Business = $130k Business = $180k Biotechnology = $115k Biotechnology = $145k Computer Science = $125k Computer Science = $150k During good economy: During a bullish economy: Game design engineer = $220k Game design engineer = $260k Nursing = $205k Nursing = $215k Hospitality = $220k Hospitality = $320k Business = $210k Business = $280k Biotechnology = $235k Biotechnology = $305k Computer Science = $190k Computer Science = $250k The college offered to pay for a projection of the probability of each economic condition over the next 3 years. The research company estimated that: P(recession) = 0.20; P(average economy) = 0.40; P(good economy) = 0.30; P(bullish economy) = 0.10
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