Quiz 2 Solutions

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* Question 1
2 out of 2 points | | | Probability trees are used only to compute conditional probabilities. Answer | | | | | Selected Answer: | False | Correct Answer: | False | | | | | * Question 2
2 out of 2 points | | | If two events are not mutually exclusive, then P(A or B) = P(A) + P(B) Answer | | | | | Selected Answer: | False | Correct Answer: | False | | | | | * Question 3
2 out of 2 points | | | Seventy two percent of all observations fall within 1 standard deviation of the mean if the data is normally distributed. Answer | | | | | Selected Answer: | False | Correct Answer: | False | | | | | * Question 4
2 out of 2 points | | | The equal likelihood criterion assigns a probability of 0.5 to each state of nature, regardless of how many states of nature there are. Answer | | | | | Selected Answer: | False | Correct Answer: | False | | | | | * Question 5
2 out of 2 points | | | The maximin approach involves choosing the alternative with the highest or lowest payoff. Answer | | | | | Selected Answer: | False | Correct Answer: | False | | | | | * Question 6
2 out of 2 points | | | Using the minimax regret criterion, we first construct a table of regrets. Subsequently, for each possible decision, we look across the states of nature and make a note of the maximum regret possible for that decision. We then pick the decision with the largest maximum regret. Answer | | | | | Selected Answer: | False | Correct Answer: | False | | | | | * Question 7
0 out of 2 points | | | The Hurwicz criterion is a compromise between the minimax and minimin criteria. Answer | | | | | Selected Answer: | True | Correct Answer: | False | | | | | * Question 8
2 out of 2 points…...

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