Posted by **Linda** on Thursday, August 25, 2011 at 7:58am.

Please help!!!

3. A one-legged, red-nosed tramp approaches John in the park and tells him he can predict the next day’s weather perfectly after he has drunk a shot of “Ripple” wine (cost of one shot: $0.50). If the tramp is telling the truth, should John engage in this transaction?

a) Yes

b) No

c) Not enough information to answer this question.

4. Assume that John is using minimax regret criteria, how many dozen should he buy?

a) 0

b) 1

c) 1.5

d) 2

e) 2.5

5. If the weather bureau’s forecast for the next day is 30 percent chance of rain, 20 percent chance of being sunny, how many dozen bars should he buy for tomorrow?

a) 0

b) 1

c) 2

d) 3

6. The value of perfect information is:

a) 4

b) 20

c) 24

d) 45

e) 54

## Answer This Question

## Related Questions

- Statistics - 4. John sells ice cream bars at the local park. He buys the bars ...
- Statistics - 4. John sells ice cream bars at the local park. He buys the bars ...
- transportation economic - In your own words, describe the meaning of marginal ...
- linear algebra - The weather on any given day in a particular city can be sunny...
- English - IS this sentence a fallacy? If so what type? If you start out with a ...
- Algebra - You normally buy a crate of wine for $75. One crate has 6 bottles of ...
- statistics - 11. You are taking a multiple choice examination that has 20 ...
- Physics - If a man donates blood one day and the next day he gets shot. Does he ...
- Physical Science - Can you please go over my answers to see if Im correct Im ...
- Algebra 2 - Samantha is going on a vacation for the summer and is trying to ...

More Related Questions