The new movie of the Marvel Universe "Falcon and the winter soldier" is releasing soon in the nearest IMAX theaters and you being a big fan of the marvel universe, want to watch the movie at IMAX theaters only. On the same day of the movie release, you come to know that there is a concert of your favorite pop star, happening in the same city of 1 hr duration (consider timing is not known and entry will be allowed max 10 min before the start of the concert). Now, you have 2 options. Either you can buy tickets for both now, at some discounted rates or you can buy them separately after your Marvel Universe Movie so that you can avoid time clashing and wasting your money on buying the ticket. It is given that, the probability of finding the time for both the events is 0.4. A single ticket costs you around Rs. 2000/- each and combined ticket costs you around Rs. 3000/-. The Value of going to the movie is Rs. 2000/-.

Which ticket you should buy? Calculate the expected value of buying a combined ticket for the probability of 0.4.

Expectations from the question:

● Decision Network for purchasing the tickets (Block Diagram) P.S. Please check how the blocks are modeled for building a decision network

● Decision Tree for buying tickets

● Calculate the Expected value of buying tickets for 3 different probabilities and explain the outcome. (Consider different Scenarios)

Answer rating: 100% (QA)

Which ticket you should buy The combined ticket costs Rs 3000 while the single ticket costs Rs 2000 The value of going to the movie is Rs 2000 Therefo... View the full answer