An election is held to choose the Chair of the Mathematics Department at Tasmania State University. The candidates are professors Argand, Brandt, Chavez, Dietz, and Epstein ( A , B , C , D , and E for short). Table 1-25 shows the preference schedule for the election. Table 1-25 N u m b e r o f v o t e r s 5 5 3 3 3 2 1 s t A C A B D D 2 n d B E D E C C 3 r d C D B A B B 4 t h D A C C E A 5 t h E B E D A E a. How many people voted in this election? b. How many first-place votes are needed for a majority? c. Which candidate had the fewest last-place votes?
An election is held to choose the Chair of the Mathematics Department at Tasmania State University. The candidates are professors Argand, Brandt, Chavez, Dietz, and Epstein ( A , B , C , D , and E for short). Table 1-25 shows the preference schedule for the election. Table 1-25 N u m b e r o f v o t e r s 5 5 3 3 3 2 1 s t A C A B D D 2 n d B E D E C C 3 r d C D B A B B 4 t h D A C C E A 5 t h E B E D A E a. How many people voted in this election? b. How many first-place votes are needed for a majority? c. Which candidate had the fewest last-place votes?
An election is held to choose the Chair of the Mathematics Department at Tasmania State University. The candidates are professors Argand, Brandt, Chavez, Dietz, and Epstein (
A
,
B
,
C
,
D
,
and
E
for short). Table 1-25 shows the preference schedule for the election.
Table 1-25
N
u
m
b
e
r
o
f
v
o
t
e
r
s
5
5
3
3
3
2
1
s
t
A
C
A
B
D
D
2
n
d
B
E
D
E
C
C
3
r
d
C
D
B
A
B
B
4
t
h
D
A
C
C
E
A
5
t
h
E
B
E
D
A
E
a. How many people voted in this election?
b. How many first-place votes are needed for a majority?
c. Which candidate had the fewest last-place votes?
A television network earns an average of $14 million each season from a hit program and loses an average of $8 million each season on a program that turns out to be a flop. Of all programs picked up by this network in recent years, 25% turn out to be hits and 75% turn out to be flops. At a cost of C dollars, a market research firm will analyze a pilot episode of a prospective program and issue a report predicting whether the given program will end up being a hit. If the program is actually going to be a hit, there is a 75% chance that the market researchers will predict the program to be a hit. If the program is actually going to be a flop, there is only a 30% chance that the market researchers will predict the program to be a hit.
What is the maximum value of C that the network should be willing to pay the market research firm? Enter your answer in dollars, not in million dollars.
$ __________
Calculate EVPI for this decision problem. Enter your answer in dollars, not in million…
Chapter 1 Solutions
Excursions in Modern Mathematics, Books a la carte edition (9th Edition)
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