Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

Bulloch County has never allowed liquor to be sold in restaurants. However in 3 months, county residents are scheduled to vote on a referendum to allow liquor to be sold by the drink. Currently, polls indicate there is a 60% chance that the referendum will be passed by voters. Phil Jackson is a local real estate speculator who is eyeing a closed restaurant building that is scheduled to be sol at a sealed bid auction. Phil estimates that if he bids 1.2 million there is a 25% chance he will obtain the property, if he bids 1.45 million, there is a 45% chance he will obtain the property. If he acquires the property and the referendum passes Phil believes he could then sell the property for 2.2 million. However if the referendum fails, he believes he could see the property for only $1.15 million.

A- develop a decision tree for only $1.15 million
B- What is the optimal decision according to the EMV criterion?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M943750

Have any Question? 


Related Questions in Statistics and Probability

1 find the p valuep for the indicated hypothesis test with

1) Find the P value(P= ?) for the indicated hypothesis test with the given standardized test statistic z. Decide whether to reject Ho for the given level of significance.  Two tail test, z = 2.30, alpha = 0.01 2) Find th ...

In march 2010 a federal health-care law required chain

In March 2010, a federal health-care law required chain restaurants with 20 or more locations to post caloric information on their menus. The stated goal was to make it easier for consumers to select healthier options, b ...

Romeo composes a letter to juliet and gives it to tybalt to

Romeo composes a letter to Juliet, and gives it to Tybalt to deliver to Juliet. While on the way, Tybalt peeks at the letter's contents. Tybalt gives Juliet the letter, and Juliet reads it immediately, in Tybalt's presen ...

1 distinguish between a quota sample and a purposive

1. Distinguish between a quota sample and a purposive sample. 2. What three criteria characterize good descriptions of data?

Otto is trying out for the javelin throw to compete in the

Otto is trying out for the javelin throw to compete in the Olympics. The lengths of his javelin throws are normally distributed with a mean of 310 feet and a standard deviation of 13 feet. What is the probability that th ...

Exposure to medicine x during pregnancy was investigated

Exposure to medicine 'x' during pregnancy was investigated for 108 mothers of children with congenital defects and 108 mothers of normal controls. The researchers examined exposure to medicine 'x' during the first trimes ...

Suppose you have a stock portfolio where 28 of the stocks

Suppose you have a stock portfolio where 28% of the stocks earned a return of 12.2%, 12% earned a return of 15.1%, 24% of the stocks earned a return of 0%, 18% of the stocks earned a return of -1.5%, and 18% of the firms ...

Researchers are interested in determining if men and womens

Researchers are interested in determining if men and women's hearts tend to be different sizes. In a sample of 12 males, the mean diameter of the heart was 13.21 cm with a standard deviation of 1.05. Among 9 females, the ...

Construct an aumann model of incomplete information for

Construct an Aumann model of incomplete information for each of the following situations, and specify a state of the world in that model which corresponds to the situation (there are several possible ways of including hi ...

Tell whether each of the following relationships reflects a

Tell whether each of the following relationships reflects a positive or a negative correlation: a. the amount of stress in people's lives and the number of colds they get in the winter b. the amount of time that people s ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen