Objective probability, Microeconomics

Assignment Help:

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


Related Discussions:- Objective probability

Elasticities of demamnd, The demand for soft drinks has been estimated asQx...

The demand for soft drinks has been estimated asQx 20PX 0.25PY0.45M 2 Determine the own, cross and income price elasticities of demand. Interpret your results.

Mba, Is Indian companies running a risk by not giving attention to cost cut...

Is Indian companies running a risk by not giving attention to cost cutting

Chemistry, Write the formulas to show the reactants and products for the fo...

Write the formulas to show the reactants and products for the following reactions. Assume that solutions are aqueous unless otherwise indicated. Represent substances in solutions a

Examine recent developments in demand theory, Critically examine recent dev...

Critically examine recent developments in demand theoryon #Minimum 100 words accepted#

Show the environmental taxes, Q. Show the Environmental Taxes? Environm...

Q. Show the Environmental Taxes? Environmental Taxes: Taxes which are imposed on particular activities, or particular products, which are considered to be especially damaging t

Risk premium, Risk Premium - The risk premium is amount of money which ...

Risk Premium - The risk premium is amount of money which a risk averse person would pay to keep away from taking a risk. *  Risk Premium: A Scenario - The person has a 5%

How is the wrong conclusion result in necessary condition, How is the wrong...

How is the wrong conclusion result in necessary condition not in the sufficient condition? This is often heard that the market institution must not be used based onto the fact

Competitive equilibrium, (a)    Explain why the Pareto criterion does not p...

(a)    Explain why the Pareto criterion does not provide a complete ordering of the ordinal utility space (b)   The competitive equilibrium is the only allocation where the gain

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd