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Chez Paul is contemplating either opening another restaurant or expanding its existing location. The payoff table for these two decisions is:
s1
s2
s3
New Restaurant
-$80K
$20K
$160K
Expand
-$40K
$100K
Paul has calculated the indifference probability for the lottery having a payoff of $160K with probability p and -$80K with probability (1-p) as follows:
Amount
Indifference Probability(p)
.4
.7
.9
Is Paul a risk avoider, a risk taker, or risk neutral? EXPLAIN.
A 95% confidence interval for µ is found to be 652 ± 21.56 = ($630.44, $673.56). Determine which of the following statements is true.
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