Tuesday

October 21, 2014

October 21, 2014

Posted by **Linda** on Thursday, August 25, 2011 at 10:22am.

1. Assume that John is a pessimist, what should he do? Buy:

a) 2

b) 0

c) 1.5

d) 3

e) None of these

2. Assume that John is an optimist (gambler), what should he do? Buy:

a) 0

b) 1

c) 1.5

d) 2

e) 2.5

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 ...

math word problems. - The candy factory sells three times as many mints as it ...

pre- algebra - Is this equation right for this story? c=2.50*10*.55*2.75x You ...

math - the melt in your mouth chocolate factory sells three times as many mints ...

Programming - How do I declare how many boxes there are and how much per box ...

math - one out of every five people who buy ice cream buys vanilla ice cream. If...

Math - For $1.80 a grocer buys a case of fruit which contains 12 dozen. She ...

Math ( Word Problem ) - Joel sells ice cream cones at the county fair. he has to...

Math - For $4.50 a grocer buys a case of fruit which contains 14 dozen. She ...

Algebra 2 - An ice-cream parlor sells sundaes with 3 different types of ice-...