The probabilities and gain or loss for guessing on a standardized test is shown in the table to the right. Suppose that you eliminatethreeof the possiblefiveanswers. Modify the two probabilities shown by finding the probabilities of guessing correctly and guessing incorrectly under these circumstances.OutcomeGain or LossProbabilityGuess correctly115Guess incorrectly−1345 What is the expected point value of a random guess? Is it advantageous to guess under these circumstances?Choose the correct answer below, and fill in the answer box to complete your choice. (Type an integer or a decimal rounded to two decimal places as needed.) A.The expected point value isnothing,so it isadvantageousto guess. B.The expected point value isnothing,so it isnot advantageousto guess.

Name: The probabilities and gain or loss for guessing on a standardized test
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: The probabilities and gain or loss for guessing on a standardized test is shown in the table to the right. Suppose that you eliminatethreeof the possiblefiveanswers. Modify the two probabilities shown by finding the probabilities of guessing correctl

The given probability distribution is as follows:

Answered: The probabilities and gain or loss for…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

The probabilities and gain or loss for guessing on a standardized test is shown in the table to the right. Suppose that you eliminate

three

of the possible

five

answers. Modify the two probabilities shown by finding the probabilities of guessing correctly and guessing incorrectly under these circumstances.

Outcome	Gain or Loss	Probability
Guess correctly	1	15
Guess incorrectly	−13	45

What is the expected point value of a random guess? Is it advantageous to guess under these circumstances?

Choose the correct answer below, and fill in the answer box to complete your choice.

(Type an integer or a decimal rounded to two decimal places as needed.)

The expected point value is

nothing,

so it is

advantageous

to guess.

The expected point value is

nothing,

so it is

not advantageous

to guess.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Discrete Probability Distributions$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions