Question: please help with question form (b) until (g) where can i get the the %? 9. You sign up for a cell phone plan and

please help with question form (b) until (g) where can i get the the %?

please help with question form (b) until (g) where can i get

9. You sign up for a cell phone plan and are presented with this chart showing how your plan "automatically adjusts" to the minutes you use each month. For example: If you select Option I and you use 700 minutes the first month, you'll only pay $79.99. If your usage then goes down to 200 minutes the second month, you'll only pay $29.99. You guess your monthly usage will be 100, 300, 500, or 700 anytime minutes. Assume the probabilities for each event are the same. Option 1 - Starting at $29.99 per Month Anytime Minutes Cost 0-200 $29.99 201-700 $5 for each 50 minutes Above 700 Additional anytime minutes only 10c each Option 2 - Starting at $34.99 per Month Anytime Minutes Cost 0-400 $34.99 401-900 $5 for each 50 minutes Above 900 Additional anytime minutes only 10c each Option 3 - Starting at $59.99 per Month Anytime Minutes Cost 0-1000 $59.99 1001-1500 $5 for each 50 minutes Above 1500 Additional anytime minutes only 10c each An Introduction to Decision Theory 535 a. Create a payoff (cost) table for this decision. b. Using the expected monetary value principle, which decision would you suggest? c. Using the optimistic (maxima cost) approach, which decision would you suggest? d. Using the pessimistic (maximin cost) strategy, which decision would you suggest? e. Work out an opportunity loss table for this decision. f. Using the minimax regret strategy, which choice would you suggest? g. What is the expected value of perfect information

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!