Suppose you will be shown three prizes in order. You know absolutely nothing about how valuable the
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a. Your sole objective is to obtain the best of the three prizes. (Second best does not count.) A random selection provides a one-third chance of getting the best prize. Find a strategy that provides a greater chance.
b. What if there are a large number of prizes (say, 10, 50, or 100)? Describe in general terms the kind of strategy that would maximize your chances of obtaining the best prize.
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Managerial economics
ISBN: 978-1118041581
7th edition
Authors: william f. samuelson stephen g. marks
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