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Example 21.3 A group of volunteers of a service organisation raise money each year by selling gift articles outside a stadium after a football match between teams A and B. They can buy any of the three different articles from a dealer. Their sales are mostly dependent on the team that wins the match. A conditional payoff table is as under: Payoff Table Type of gift articles II III Team A wins Rs 1,500 Rs 1,000 Rs 700 Team B wins Rs 700 Rs 500 Rs 900 (i) Construct the opportunity loss table. (ii) Which type of gift article should the volunteers buy if the probability of team A's wining is 0.7?

Example 21.3 A group of volunteers of a service organisation raise money each year by selling gift articles outside a stadium after a football match between teams A and B. They can buy any of the three different articles from a dealer. Their sales are mostly dependent on the team that wins the match. A conditional payoff table is as under: Payoff Table Type of gift articles II III Team A wins Rs 1,500 Rs 1,000 Rs 700 Team B wins Rs 700 Rs 500 Rs 900 (i) Construct the opportunity loss table. (ii) Which type of gift article should the volunteers buy if the probability of team A's wining is 0.7?

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter7: Matrices And Determinants
Section7.2: Operations With Matrices
Problem 12ECP
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Example 21.3 A group of volunteers of a service organisation raise money each year by selling gift articles outside a stadium after a football match between teams A and B. They can buy any of the three different articles from a dealer. Their sales are mostly dependent on the team that wins the match. A conditional payoff table is as under: Payoff Table Type of gift articles II III Team A wins Rs 1,500 Rs 1,000 Rs 700 Team B wins Rs 700 Rs 500 Rs 900 (i) Construct the opportunity loss table. (ii) Which type of gift article should the volunteers buy if the probability of team A's wining is 0.7?
Transcribed Image Text:Example 21.3 A group of volunteers of a service organisation raise money each year by selling gift articles outside a stadium after a football match between teams A and B. They can buy any of the three different articles from a dealer. Their sales are mostly dependent on the team that wins the match. A conditional payoff table is as under: Payoff Table Type of gift articles II III Team A wins Rs 1,500 Rs 1,000 Rs 700 Team B wins Rs 700 Rs 500 Rs 900 (i) Construct the opportunity loss table. (ii) Which type of gift article should the volunteers buy if the probability of team A's wining is 0.7?
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