Question: Use the following probabilities to answer the question. Round to 4 decimal places. P(A)=0.55P(A)=0.55, P(B)=0.4P(B)=0.4, P(AandB)=0.05P(AandB)=0.05. P(BA)=P(BA)=

Use the following probabilities to answer the question. Round to 4 decimal places. P(A)=0.55P(A)=0.55, P(B)=0.4P(B)=0.4, P(AandB)=0.05P(AandB)=0.05. P(BA)=P(BA)=

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2. Find out if there are other reference points that can be used as reasonable alternatives.

1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.