At $4.000, going for $8.000; if wrong, end up with $1,000 3 In addition to lima

Question

At $4.000, going for $8.000; if wrong, end up with $1,000 3 In addition to lima beans, what is the other main vegetable used in the dish known as succotash? Jon's choice: C, 60%; not C, 40%. Results from asking the audience of 100 people: C, 53%; not C, 47% (with 41% for B). Past experience indicates that at least half of the audience is correct 95% of the time. Should Jon go ahead and choose C? At $16.000, going for $32,000; if wrong, end up with $1, 000 What Roman emperor was rumored to have declared his horse a high priest of his temple? Jon's choice: A, 60%; not A, 40%. He used the lifeline of asking a friend and his friend chose A. Assume Jon thinks that his friend has a 70% probability of choosing A while A is correct and a 20% probability of choosing A while A is not correct. Should Jon go ahead and choose A? At $125.000, going for $250,000; if wrong, end up with $32,000 Which philosopher said, "What does not kill me makes me stronger"? Jon's choice: A, 45%; B, 10%; C, 15%; D, 30%. He used the lifeline of 50/50 and as a result, B and C were removed. Should he go ahead and choose A? In fact, Jon quit, but he was not necessarily right. You better think carefully which is more important for Joe: correct decision or more money? Write a brief report to show how you reason to solve the problems and present your underlying assumptions along with justifications. You may also suggest alternative projects or ways to improve this project.

Explanation / Answer

1) Yes jon should go with (C) because probability of audiences being correct is 0.95*0.53=0.5035 which is more than 50% and above all jon is 60% sure of C.More money should be the option here because its the beginning of the game and the loss wontbe too high.

2)Yes he should go with his friend with option (A),his friend being correct is 70% which can make jon sure of his decision, which is 60% sure abt (A).Here he should make the correct decision because if he loses the game he has to suffer a loss of huge sum of money.

3)No he should not go with A because he is not sure dominantely over A, he is confused between A and D,so better to quit the game.Here he should make the correct decision because if he loses the game he has to suffer a loss of huge sum of money.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.