Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

describe decision making by means of expected payoff.

Nick has strategies to open some pizza restaurants however he is not sure how many to open. He has prepared a payoff table to help analyze the situation.

 

States of Nature

 

Market

Alternative

GOOD

FAIR

POOR

Open 1

380,000

70,000

-400,000

Open 2

200,000

80,000

-200,000

Do Nothing

0

0

0

As Nick doesn't know how his received he assumes that all three states of nature are equally likely to occur. If he utilizes the equally likely criterion what decision would he make?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923445

Have any Question? 


Related Questions in Statistics and Probability

Imagine that you conduct a study to test the average level

Imagine that you conduct a study to test the average level of guilt experienced by Christians, Jews, Buddhists, Muslims, and Hindus. Could you use an ANOVA to analyze your data? Why or why not?

Its believed that as many as 20 of adults over 50 never

It's believed that as many as 20% of adults over 50 never graduated from high school. We wish to see if this percentage is the same among the 25 to 30 age group. a) How many of this younger age group must we survey in or ...

In a manufacturing process a random sample of 36 bolts

In a manufacturing process a random sample of 36 bolts manufactured has a mean length of 3 inches with a standard deviation of .3 inches. What is the 99% confidence interval for the true mean length of the bolt? Please s ...

1 how can partial correlation help researchers explore

1. How can partial correlation help researchers explore possible causal relationships among correlated variables? 2. When is the Spearman rank-order correlation used? 3. What is a dichotomous variable? What correlations ...

1 what are quasi-experimental research designs and when are

1. What are quasi-experimental research designs, and when are they used in behavioral research? What advantages and disadvantages do they have in comparison to experimental research? 2. What are the most important threat ...

What is the difference between dependent and independent

What is the difference between dependent and independent variables? On which side of the regression equation does each lie? Describe how Doane's rule relates to the number of allowed independent variables.  Why is this i ...

An observational study is conducted to investigate the

An observational study is conducted to investigate the association between age and total serum cholesterol. The correlation is estimated at r=0.35. The study involves n=125 participants and the mean (std dev) age is 44.3 ...

Through the feasted landscapes sustainability in american

Through the Feasted Landscapes Sustainability in American Topics, Chapter "The Work of the U.S. Sanitary Commission (1864)": 1. At first, who resisted civilian participation in providing food supplies and medical assista ...

Prove that the boundary of a simplex s is the set of all

Prove that the boundary of a simplex S is the set of all the points y in S whose barycentric coordinate representation has at least one zero coordinate.

Suppose that a certain college class contains 49 students

Suppose that a certain college class contains 49 students. Of these, 24 are seniors, 26 are English majors, and 9 are neither. A student is selected at random from the class. (a) What is the  probability  that the studen ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro