In the final round of a tv game show

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Reference no: EM131021236

Question:

17-2 Game Show Uncertainty

In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable?

Question 2:

Group Problem

G17-1 Uncertainty.

Describe a decision your company has made when facing uncertainty. Compute the expected costs and benefits of the decision. Offer advice on how to proceed. Compute the profit consequences of the advice.

Reference no: EM131021236

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