Instruction 17-1
A student wanted to find out the optimal strategy to study for a Business Statistics exam.He constructed the following payoff table based on the mean amount of time he needed to put in every week studying for the course and the degree of difficulty of the exam.From the information that he gathered from students who had taken the course,he concluded that there was a 40% probability that the exam would be easy.
$$\begin{array} { | l | l | l | l | }
\hline & 16 \text { hours } & 8 \text { hours } & 4 \text { hours } \
\hline \text { Easy Exam } & 40 & 60 & 80 \
\hline \text { Difficult Exam } & 100 & 50 & 0 \
\hline
\end{array}$$
-Referring to Instruction 17-1,what is the expected value of perfect information?

Question

Instruction 17-1
A student wanted to find out the optimal strategy to study for a Business Statistics exam.He constructed the following payoff table based on the mean amount of time he needed to put in every week studying for the course and the degree of difficulty of the exam.From the information that he gathered from students who had taken the course,he concluded that there was a 40% probability that the exam would be easy.
 $$\begin{array} { | l | l | l | l | } 
\hline & 16 \text { hours } & 8 \text { hours } & 4 \text { hours } \
\hline \text { Easy Exam } & 40 & 60 & 80 \
\hline \text { Difficult Exam } & 100 & 50 & 0 \
\hline
\end{array}$$
-Referring to Instruction 17-1,what is the expected value of perfect information?

Quizplus · Accepted Answer

The Answer of Instruction 17-1
A student wanted to find out the optimal strategy to study for a Business Statistics exam.He constructed the following payoff table based on the mean amount of time he needed to put in every week studying for the course and the degree of difficulty of the exam.From the information that he gathered from students who had taken the course,he concluded that there was a 40% probability that the exam would be easy.
 $$\begin{array} { | l | l | l | l | } 
\hline & 16 \text { hours } & 8 \text { hours } & 4 \text { hours } \
\hline \text { Easy Exam } & 40 & 60 & 80 \
\hline \text { Difficult Exam } & 100 & 50 & 0 \
\hline
\end{array}$$
-Referring to Instruction 17-1,what is the expected value of perfect information?

Instruction 17-1 a Student Wanted to Find Out the Optimal

Instruction 17-1
a Student Wanted to Find Out the Optimal