19. You are given the following payoff table with profits (in $). Decision States of Nature Alternative s1 s2 di 1000 3000 d2 4000 500 Assume the following probability information is given, where Iı and I2are the outcomes of the sample information available: P(s1) = 0.45; P(Iı | s1) = 0.7; P(I2 | s1) = 0.3 P(s2) = 0.55; P(lh | s2) = 0.6; P(I2 | s2) = 0.4 (a) [2] Find the values of P(I1) and P(I2). (b) [2] Determine the values of P(s1 | I1), P(s2 I I1), P(s1 | I2), and P(s2 | I2). (c) [4] Determine the optimal strategy based on the sample information I and 2. What is the expected value of your solution?

19. You are given the following payoff table with profits (in $). Decision States of Nature Alternative s1 s2 di 1000 3000 d2 4000 500 Assume the following probability information is given, where Iı and I2are the outcomes of the sample information available: P(s1) = 0.45; P(Iı | s1) = 0.7; P(I2 | s1) = 0.3 P(s2) = 0.55; P(lh | s2) = 0.6; P(I2 | s2) = 0.4 (a) [2] Find the values of P(I1) and P(I2). (b) [2] Determine the values of P(s1 | I1), P(s2 I I1), P(s1 | I2), and P(s2 | I2). (c) [4] Determine the optimal strategy based on the sample information I and 2. What is the expected value of your solution?

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.3: Binomial Probability

Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...

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