A business lady is wondering whether to invest OMR10,000 in buying bonds at Muscat Security Market (MSM) or put it in a fixed deposit account in Sohar bank at an interest rate of 9%. For the MSM, if the market is good, she believes that she could get a 14% return on her money. With a fair market, she expects to get an 8% return. If the market is bad, she will most likely get no return, i.e., the return would be 0%. She estimates that the probability of a good market is 0.4, the probability of a fair market is 0.4, and the probability of a bad market is 0.2, and she wishes to maximize her long-run average return. a. Develop a decision/payoff table for this problem. b. What is the best decision? c. Calculate the expected value of perfect information and interpret the result.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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