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(Answered)-Question 1 1. Prior probabilities for the high (H), medium (M),


Question 1

  • 1.?????Prior probabilities for the high (H), medium (M), and low (L) economic growth in the Land of the Apes are given in the following table.? There is a Land of the Gorillas where there are only two states: Grow (G) or Diminish (D). Conditional probabilities of Grow (G) or Diminish (D), given the various states of economic conditions in the Land of the Apes, are also known and presented in the following tables.
  • 1.???????The branch of psychology that uses scientific understanding and effective intervention to aid in the treatment of mental illness is called positive psychology
  • ?Prior probabilities for the high (H), medium (M), and low (L) economic growth in the Land of the Apes are given in the following table.? There is a Land of the Gorillas where there are only two states: Grow (G) or Diminish (D). Conditional probabilities of Grow (G) or Diminish (D), given the various states of economic conditions in the Land of the Apes, are also known and presented in the following tables.
  • 1.???????Consider the payoff table that is given below. Then answer the following questiosn:
  • 1.?????Prior probabilities for the high (H), medium (M), and low (L) economic growth in the Land of the Apes are given in the following table.? There is a Land of the Gorillas where there are only two states: Grow (G) or Diminish (D). Conditional probabilities of Grow (G) or Diminish (D), given the various states of economic conditions in the Land of the Apes, are also known and presented in the following tables.
  • 1.??????Consider this decision tree. The optimal decision strategy is:


  • 1.??????In most countries, a driver who wishes to join an organ donation program has to make an explicit choice to do so.? There is a proposal to make every driver an organ donor unless they opt out. Do you think this proposal might have an effect on the number of organ donors? If so, which psychological effect might be responsible for this?
  • You must provide reason to justify your answer.
  • M


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  • 1.???????_________________________?says our perceptions of things such as waiting time, size or value change based on experience. This is attractive to marketing and sales professionals because it implies our standard of "fair price" isn't fixed and can be changed.
  • 1.??????In the Analytical Hierarchy Process, if the problem had 4 criteria, then it would have _____ pairwise criteria pair comparisons.?
  • 1.??????One aspect of the prospect theory is that the decision weights implicitly assigned to given payoffs in actual behavior do not depend on probabilities in a linear way, that is, while small probabilities are magnified very large probabilities (closer to 1) are treated smaller than they really are. This is called:


  • A.??????Distorted probabilities
  • B.??????Non-linearity
  • C.??????Probability distortion function
  • D.??????Probability density function
  • E.??????Cumulative probability distribution
  • 1.???????The statement that ?an individual?s attitude to?consumption?and?saving?is dictated more by his income in relation to others than by abstract?standard of living; the percentage of income consumed by an individual depends on his percentile position within the income distribution? is referred to as: _______________________
  • 1.?????Prior probabilities for the high (H), medium (M), and low (L) economic growth in the Land of the Apes are given in the following table.? There is a Land of the Gorillas where there are only two states: Grow (G) or Diminish (D). Conditional probabilities of Grow (G) or Diminish (D), given the various states of economic conditions in the Land of the Apes, are also known and presented in the following tables.
  • A.??????A.?0.16
  • A.??????B.?0.15


  • A.??????C.?0.46


  • 1.??????In the AHP, computing the consistency ratio for a criterion's pair-wise comparison matrix is the next step after:
  • 1.???????The effect that irrelevant, or nearly irrelevant, information might have, above and beyond what can be reasonably justified, that is, in the absence of sound data, your?assessment may be affected by almost arbitrary pieces of information even if their relevance is rather limited is called:


  • A. Availability heuristics
  • B. Conjunction fallacy
  • C. Framing effect
  • D. Anchoring effect
  • E. Consequentialism
  • 1.???????If expected profit under certainty is equal to the expected monetary value for a payoff table, then the expected value of perfect information must be 0.??
  • 1.??????The phenomenon that in the absence of a carefully maintained and easily accessible database, we sample our own memory, as if we were taking a biased sample, such that those that are more conspicuous, or more available, will have a higher probability of being sampled and the resulting sample may not be representative of the target population is referred to as __________________________.
  • 1.??????In the Analytical Hierarchy Process, the decision maker?s subjective judgment is included in the evaluation process and hence the same problem solved by two different decision makers may yield completely different results.?
  • 1.???????Projected payoff corresponding to various levels of business expansion and economic conditions faced by the XYZ Company is given in the table below. What is the?maximumexpected monetary value?(EMP) for the decision faced by the Company??
  • 1.???????In solving decision theory problems with 2 random outcomes and 3 decisions, there will be at most 3 ranges on the probability of one of the random outcomes and a different optimal decision in each range.??
  • 1.??????______________________ is the process of modeling the strategic interaction between players in a situation containing set rules and outcomes
  • 1.???????Happiness is thought of as the good life, freedom from suffering, flourishing, well-being, joy, prosperity, and pleasure.
  • 1.??????The tendency for people to divvy up their money into separate?amounts?based on a variety of subjective criteria, often behaving as if certain sum ?belongs? to a certain class of expenditure like the source of the money and intent for each amount is referred to as ______________________.
  • 1.??????_____________________________ is a method according to which individuals recall their experiences of a day, hour by hour. These experiences are independently ranked for pleasurability, and well-being is measured as the sum of these pleasurability rankings.
  • 1.??????The point in a game where both players have made their decisions and an outcome is reached is referred to as __________________.
  • 1.???????Using graphical sensitivity analysis to determine the range of values of the probability of state of nature s1?over which each of the decision alternatives has its largest expected value is:
  • 1.??????The tendency of a person to remain at a relatively stable level of happiness despite a change in fortune or the achievement of major goals is referred to as ___________________, according to this, as a person makes more money, expectations and desires rise in tandem, which results in no permanent gain in happiness.
  • 1.??????When making business or investment decisions, individuals and organizations typically look at the future costs that they may incur, by following a certain strategy. A company that has spent $5 million building a factory that is not yet complete, has to consider the $5 million a ____________________, since it cannot get the money back.
  • 1.?????Dollar Department Stores has received an offer from Harris Diamonds to purchase Dollar's store on Grove Street for $120,000. Dollar has determined probability estimates of the store's future profitability, based on economic outcomes, as: P($80,000) = .2, P($100,000)?= .3, P($120,000) = .1, and P($140,000) = .4.


  • Consider the two events A and B. If P(A) = 0.3, P(B) = 0.4, and P(A and B) = 0.1 where the appropriate Venn diagram is shown below.
  • 1.??????A complete plan of action a player will take given the set of circumstances that might arise within the game is called _______________.

0.5 points ??

Question 32
  1. 1.???????Consider the following two questions:

    A.??????Which is more likely: to observe rain tomorrow or to observe two consecutive tosses of a fair coin showing up Tail?


    B.??????Which is more likely: to observe no precipitation tomorrow of to observe a roulette wheel showing up on a number different than 23?

    You must provide reasons for your answers.

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