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

Draw the marginal benefit curve for nutrient cleanup, You are tasked with e...

You are tasked with evaluating a project for reducing nutrient (nitrogen and phosphorus) loading into the Gulf of Mexico (GOM). These nutrients make their way into the GOM by way o

Coefficient of price elasticity, A local airline charges $500 to fly (round...

A local airline charges $500 to fly (round-trip) to Louisville, Kentucky. From the past three months, whereas the $500 fare has been in effect every of the two daily flights have a

How is microeconomics differed from macroeconomics, How is microeconomics d...

How is microeconomics differed from macroeconomics? Microeconomics focuses onto how decisions are made through individuals and firms and the effects of those decisions. For exa

Specialization and trade, • If Mary uses all her resources to produce hats,...

• If Mary uses all her resources to produce hats, she can produce 48 hats an hour. • If she uses all her resources to produce apple pies, she can make 24 apple pies an hour. how

Production possiblities curve, suppose either computers or televisions can ...

suppose either computers or televisions can be assembled with the following labor inputs: units produced: 1 2 3 4 5 6 7 8 9 10 total labor used: 3 7 12 18 25 33 42 54 70 90 Draw th

Summary of educational financing, Normal 0 false false fals...

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

Automobile industry., Write an objective analysis paper on the economics of...

Write an objective analysis paper on the economics of outsourcing and insourcing production by businesses. Please make sure you have a thesis (a main point that you are making) and

Supply function, given the cost function as C=0.3Q3-2Q2+13Q+25,find the sup...

given the cost function as C=0.3Q3-2Q2+13Q+25,find the supply function

Volume of trade, Volume of Trade: It relates to the size of internatio...

Volume of Trade: It relates to the size of international transactions. Since a large number of commodities enter in international transactions and their aggregate can be found

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