Objective probability, Microeconomics

The Objective Probability

-  100 explorations out of which 25 successes and 75 failures

-  Probability (Pr) of success = 1/4 and probability of failure = ¾

2463_objective probability.png

Given:

-  The two possible outcomes which are having payoffs X1 and X2

-  Probabilities of each outcome can be given by Pr1 & Pr2

* In general, expected value can be written as:

93_objective probability1.png

Posted Date: 10/10/2012 8:19:30 AM | Location : United States







Related Discussions:- Objective probability, Assignment Help, Ask Question on Objective probability, Get Answer, Expert's Help, Objective probability Discussions

Write discussion on Objective probability
Your posts are moderated
Related Questions
Development Administration: Since the Government has been entrusted to manage economic and business activities, it was found difficult to manage the economic policy with the t

Analyze the sustainable approach to waste reduction developed by the company you selected. Include the following: Its products Previous methods of production The way it implemented

Arbitrage Pricing Theor y Arbitrage defines the procedure of continuously buying a security for privacy, currency, or commodity on one market and selling it in another

different types of production funtion and curve given by different economist

what are the properties of marshallian demand function

Tax Policy Implementation:   Take, e.g., the case of tax policy. It attempted to raise resources by a combination of direct and indirect taxes to finance a large part of increa

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

A firm has a short-run production function defined by:  Q = -. 02L 2 + 8L What  is  the short  run demand curve  for  labour  (L) in terms of  the market wage  rate  (w), if

prove that marginal utility of x=the price of commodity x.

meaning, scope, nature