Find the expected value of the optimal strategy.
-A college is holding a rock and roll concert to be held in the stadium and has sold out all tickets. If it rains, the show will have to be moved to the gym which has a smaller seating capacity. The college must decide in advance whether to set up seats and the stage in the gym, or in the stadium, or both, just in case. The net profit in each case is given in the payoff matrix below:

According to the weather forecaster, the probability of rain is 0.1 . What is the maximum expected profit?
A) $\$ 1916$
B) $\$ 780$
C) $\$ 1340$
D) $\$ 1668$

Question

Find the expected value of the optimal strategy.
-A college is holding a rock and roll concert to be held in the stadium and has sold out all tickets. If it rains, the show will have to be moved to the gym which has a smaller seating capacity. The college must decide in advance whether to set up seats and the stage in the gym, or in the stadium, or both, just in case. The net profit in each case is given in the payoff matrix below:

According to the weather forecaster, the probability of rain is 0.1 . What is the maximum expected profit?
A) $\$ 1916$ 
B) $\$ 780$ 
C) $\$ 1340$ 
D) $\$ 1668$

Quizplus · Accepted Answer

The Answer of Find the expected value of the optimal strategy.
-A college is holding a rock and roll concert to be held in the stadium and has sold out all tickets. If it rains, the show will have to be moved to the gym which has a smaller seating capacity. The college must decide in advance whether to set up seats and the stage in the gym, or in the stadium, or both, just in case. The net profit in each case is given in the payoff matrix below:

According to the weather forecaster, the probability of rain is 0.1 . What is the maximum expected profit?
A) $\$ 1916$ 
B) $\$ 780$ 
C) $\$ 1340$ 
D) $\$ 1668$

Find the Expected Value of the Optimal Strategy $1916\$ 1916$1916 B) $780\$ 780$780

Find the Expected Value of the Optimal Strategy $\$ 1916$ B) $\$ 780$