you roll an 8-sided dice, and keep track of the cumulative sum. you can stop and take the sum at any time, but if the sum is ever greater than 8 then the game ends, and you get a payout of zero. what is the best strategy, and what is the expected value?
Answers
The best strategy is to stop at a cumulative sum of 7, and the expected value of the game with this strategy is 8.
To determine the best strategy and expected value for the game, we need to analyze the probabilities associated with each roll of the 8-sided dice and the cumulative sums.
Let's consider the possible outcomes for each roll
Rolling a 1: The game ends, and the payout is zero.
Rolling a 2 to 8: The game continues, and the cumulative sum increases by the rolled number.
To find the best strategy, we need to determine the point at which it is optimal to stop rolling and take the sum. We can do this by calculating the expected value for each possible decision point.
Let's calculate the expected value at each cumulative sum
Cumulative sum = 1: The expected value is zero since the game ends.
Cumulative sum = 2: The expected value is the average of the remaining possibilities (3 to 8):
(3 + 4 + 5 + 6 + 7 + 8) / 6 = 33 / 6 = 5.5
Cumulative sum = 3: The expected value is the average of the remaining possibilities (4 to 8):
(4 + 5 + 6 + 7 + 8) / 5 = 30 / 5 = 6
Cumulative sum = 4: The expected value is the average of the remaining possibilities (5 to 8):
(5 + 6 + 7 + 8) / 4 = 26 / 4 = 6.5
Cumulative sum = 5: The expected value is the average of the remaining possibilities (6 to 8):
(6 + 7 + 8) / 3 = 21 / 3 = 7
Cumulative sum = 6: The expected value is the average of the remaining possibilities (7 and 8):
(7 + 8) / 2 = 15 / 2 = 7.5
Cumulative sum = 7: The expected value is 8 since it is the only remaining possibility.
Cumulative sum = 8: The expected value is zero since the game ends.
Based on these expected values, the best strategy is to stop and take the sum when the cumulative sum reaches 7. At this point, the expected value is the highest.
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Related Questions
Which of the following is an example of a civil engineer demonstrating problem sensitivity? (Select all that apply.)
1 Anne notices that the construction company isn't properly following the specified layout for emergency exits.
2 Lewis resolved the conflict between the construction company and the client with his usual tact and diplomacy Nick had to leave his last firm because he felt the environment there was too hostile and he couldn't deal with it.
3 Michiko reviews the latest spec changes from the architect on her project and realizes that a simple color change is going to require reordering massive amounts of tile and slow construction to a halt
Answers
Answer:
1. Anne notices that the construction company isn't properly following the specified layout for emergency exits
3. Michiko reviews the latest spec changes from the architect on her project and realizes that a simple color change is going to require reordering massive amounts of tile and slow constriction to a halt
Explanation:
Problem sensitivity simply means the ability for someone to be able to know that something is wrong with a particular thing. In this case, the civil engineer demonstrating problem sensitivity include:
1. Anne notices that the construction company isn't properly following the specified layout for emergency exits
3. Michiko reviews the latest spec changes from the architect on her project and realizes that a simple color change is going to require reordering massive amounts of tile and slow constriction to a halt .
In both cases, they detected what was wrong and could hinder what they were doing or can cause a problem later.
Problem sensitivity simply means the ability for someone to be able to know that something is wrong with a particular thing.
PLS HELP
When price increases, quantity supplied
stays the same
decreases
increases
becomes zero
Answers
Answer:
the quantity supplies increases, just like if the price decreases the supply decreases.
What types of planning can be done to improve a nation’s economy?
A nation can undergo ____ planning or ___ planning in order to improve its economy.
Answers
Answer:
A nation can undergo long-term planning or constructive planning in order to improve its economy. Long-term planning involves setting goals and implementing policies that will have an impact over a period of several years. This type of planning may involve investments in education, infrastructure, and research and development, among other areas. Constructive planning involves implementing policies that encourage economic growth and development, such as reducing barriers to trade, promoting entrepreneurship and innovation, and investing in key industries. These types of planning can help a nation to create jobs, increase productivity, and improve living standards for its citizens. THANK YOU[Word limit: 300 words] In your own words but using concepts from this subject explain why a risk averse agent who makes decisions according to expected utility theory might purchase insurance but not a lottery ticket.
Answers
Expected Utility Theory is a method for decision-making under uncertainty, which proposes that people make decisions based on the expected utility of each possible outcome.
Utility is the satisfaction or pleasure people get from consuming a good or service. This satisfaction is subjective and varies from individual to individual.
Risk aversion is a tendency to prefer a certain outcome to an uncertain outcome with the same expected value. Risk-averse agents place a higher value on avoiding losses than on acquiring gains of the same magnitude. They are willing to pay a premium to avoid taking risks.
An insurance policy is a contract in which an individual pays a premium to an insurance company in exchange for protection against losses from certain risks. Insurance policies provide a way to transfer risk from an individual to a company, which has a larger pool of resources to cover potential losses.
Lotteries are games of chance in which participants pay a small amount of money for a chance to win a much larger prize. The odds of winning the lottery are very low, and most people who play the lottery end up losing money.
A risk-averse agent who makes decisions according to Expected Utility Theory might purchase insurance but not a lottery ticket because of the difference in expected utility between the two options.
When purchasing insurance, the agent knows that they will pay a premium upfront, but they will be protected against a specific risk. The expected utility of purchasing insurance is higher than the expected utility of not purchasing insurance, as the agent will have peace of mind knowing that they are protected against the risk.
On the other hand, when purchasing a lottery ticket, the agent knows that they have a very low chance of winning the prize, and they are likely to lose the money they spent on the ticket. The expected utility of purchasing a lottery ticket is lower than the expected utility of not purchasing a lottery ticket, as the agent is likely to experience disappointment and regret if they do not win the prize.
In conclusion, a risk-averse agent who makes decisions according to Expected Utility Theory might purchase insurance but not a lottery ticket because the expected utility of purchasing insurance is higher than the expected utility of purchasing a lottery ticket.
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T/F : basis-of-the-bargain damages are almost always successfully awarded in tort cases.
Answers
False. Basis-of-the-bargain damages are not typically awarded in tort cases. Basis-of-the-bargain damages refer to the damages that aim to place the injured party in the position they would have been in if the contract had been fulfilled.
These damages are more commonly awarded in contract law cases where there is a breach of contract. In tort cases, the damages awarded are generally aimed at compensating the injured party for the harm they suffered rather than putting them in the position they would have been in if the tort had not occurred. Tort law focuses on compensatory damages that reflect the actual harm caused by the defendant's wrongful actions, rather than the hypothetical contract expectations.
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what is the debt service as calculated by the ratio of principal and interest payments on debt held by the public to total revenue?
Answers
The debt service ratio measures principal and interest payments on public debt as a percentage of total revenue.
The debt service is a calculation that measures the amount of principal and interest payments on debt held by the public in relation to total revenue.
This ratio is an important indicator of a government's ability to manage its debt and make timely payments.
If the debt service ratio is too high, it can signal financial distress and make it more difficult to borrow money in the future. Governments may attempt to lower the ratio by reducing spending or increasing revenue through taxation or economic growth.
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5) Which of the statements below is TRUE?
A) Accounting Identity is: Assets ≡ Liabilities - Owners' Equity.
B) Accounting Identity is: Assets ≡ Liabilities + Owners' Equity.
C) Accounting Identity is: Assets ≡ Owners' Equity - Liabilities.
D) Accounting Identity is: Liabilities ≡ Assets + Owners' Equity.
Answers
The statement that is TRUE is B) Accounting Identity is Assets ≡ Liabilities + Owners' Equity.
In accounting, the fundamental equation that represents the balance sheet is known as the accounting equation or the accounting identity. It states that the total assets of a company are equal to the sum of its liabilities and owners' equity. This equation can be expressed as Assets = Liabilities + Owners' Equity.
Assets refer to the economic resources owned by a company, such as cash, inventory, property, and equipment. Liabilities represent the company's obligations or debts to external parties, such as loans, accounts payable, and accrued expenses. Owner's equity represents the residual interest in the assets of the company after deducting liabilities and reflects the owners' claims on the company's assets.
The accounting identity is a fundamental principle that ensures the balance between the various elements of the balance sheet. It signifies that the company's resources (assets) are financed either by external sources (liabilities) or by the owners' investments (owners' equity).
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When should a person proceed with a
choice in terms of marginal benefits
and cost?
O when the market is high
O when there is no difference
O when the benefits outweigh the
cost
Answers
Answer:
when the difference outweighs the cost
Which of the following is a benefit associated with regional economic integration?
A. Trade creation
B. Trade diversion
C. Loss of jobs
D. Loss of sovereignty
Answers
Answer:
its b
Explanation:
Answer: The answer is Trade creation
Explanation: I took the test
name four commercial services which are useful to a manufacturer
Answers
Scott and Mary have accepted a three-year international relocation for work. Both are still paid in U.S. dollars, and their paychecks are automatically deposited to a U.S. Bank. When they need cash, they use local ATMs that allow them to withdraw funds from their U.S. bank, but the ATM gives them the equivalent in local currency. Which type of system does the U.S. Bank use to transfer money almost instantly, and in the currency needed by the user?
Answers
Answer:
The answer is "Electronic Funds Transfer".
Explanation:
It is a financial exchange electronically, which is also known as direct deposit salary services with ATM, which Cash subsidies among buyer marketing authorization, which implies digitally moving funds from one bank to the next. It's accomplices through the exchange of paper currency or certificates. The bank account is among the most popular applications of EFT.
PLEASE HELP ASAP, I WILL MARK BRAINLIEST
-economics
What is one strategy banks use to make sure people pay back their loans on
time?
A. Criminal prosecution for late payments
B. Increasing credit scores for late payments
C. Charging fees for late payments
D. Lowering interest rates for late payments
Answers
Answer:c
Explanation:because they would have to pay more over time
what is the after-tax cash flow
Answers
The after-tax cash flow is the amount of cash generated by a business or an investment after accounting for all taxes paid on income or gains.
It represents the net income or cash flow available to the owner or investor after taxes have been deducted.
To calculate the after-tax cash flow, one needs to subtract all applicable taxes from the gross income or cash flow generated by the business or investment. This results in the net income or cash flow, which is then available for distribution to the owner or investor as after-tax cash flow.
The calculation of after-tax cash flow is an important consideration for investors and business owners, as it provides a more accurate measure of profitability and return on investment Corporation, taking into account the impact of taxes on their financial results.
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what is product recall?
Answers
Answer:
Below
Explanation:
a product recall from a manufacturer to return a product after the discovery of safety issues or product defects that might endanger the consumer or put the makers / seller at risk at legal action.
What is the legal maximum speed limit permitted when driving in a residential area of the community?
a. 15 mph
b. 25 mph
c. 35 mph
d. 45 mph
What is the legal maximum speed permitted for driving on the expressway-in Michigan?
a. 45 mph
b. 55 mph
c. 60 mph
d. 70 mph
Answers
Answer:
B B :)
Explanation:
I need someone to help me
Answers
What's the problem? I'd be happy to help you if you would be willing to specify what you need help with.
how come ethics impact on psychology
Answers
Answer:
Ethical implications are the impact in which psychological research could have on the rights of individuals. This could be how the research affects public policy or the way in which certain groups are viewed or treated.
Explanation:
Discuss intellectual property frankly.
Be conscious of multiple roles.
Follow informed-consent rules.
Respect confidentiality and privacy.
Tap into ethics resources
According to the digital disconnect and the lecture, the global digital divide is the result of _____.
Answers
According to Digital Disconnect, the global digital divide is the result of the hyper-commercialization of Internet development that only serves affluent populations/groups.
The Digital Disconnect refers to experts' examination of current theory, research, and practice in socio-digital inequality. The Digital Disconnect provides a thorough analysis of capitalism's exploitation of the Internet. As per the Digital Disconnect, it is the hypercommercialism of mainstream computing technologies that causes the global digital divide. The global digital divide refers to global discrepancies, particularly between developing countries, and developed in access to computing and information resources such as the Internet, as well as the opportunities that such access provides.
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Suppose that you start off in long run equilibrium, where LRAS, SR, and AD meet altogether in one point. Explain what happens to price, real GDP, inflation, and unemployment in each of the following cases:
(a) The interest rate falls;
(b) Wage rate temporarily falls;
(c) The dollar appreciates relative to foreign currencies;
(d) Businesses temporarily expect higher resource prices in the future;
(e) Business taxes rise
Answers
(a) When the interest rate falls, it stimulates borrowing and investment, leading to an increase in aggregate demand (AD). As a result, both price levels and real GDP will rise. The increase in aggregate demand will lead to upward pressure on prices, causing inflation to increase. With increased investment and economic activity, unemployment is likely to decrease as businesses expand and create more job opportunities.
(b) If the wage rate temporarily falls, businesses' production costs decrease, leading to a decrease in their marginal cost (MC) and an increase in short-run aggregate supply (SRAS). As a result, both price levels and real GDP will increase. With lower production costs, businesses can lower their prices, which can lead to a decrease in inflation. However, the impact on unemployment depends on the elasticity of labor supply. If the wage decrease leads to a significant increase in labor supply, it could lead to an increase in employment and a decrease in unemployment.
(c) When the dollar appreciates relative to foreign currencies, it makes imports relatively cheaper and exports relatively more expensive. This leads to a decrease in net exports, reducing aggregate demand (AD). As a result, both price levels and real GDP will decrease. With decreased aggregate demand, inflation is likely to decrease. The decrease in economic activity can also lead to an increase in unemployment as businesses may reduce production and cut jobs.
(d) If businesses temporarily expect higher resource prices in the future, it can lead to an increase in their costs of production. This will result in a decrease in short-run aggregate supply (SRAS), leading to higher price levels and lower real GDP. With higher production costs, businesses may pass on the cost increases to consumers, leading to higher inflation. The impact on unemployment depends on the extent to which businesses adjust their production and hiring plans in response to the expected higher resource prices.
(e) When business taxes rise, it increases the cost of production for businesses. This leads to a decrease in short-run aggregate supply (SRAS), causing price levels to increase and real GDP to decrease. Higher production costs can lead to higher inflation as businesses pass on the tax burden to consumers. The increase in production costs may also result in businesses reducing their output and cutting jobs, leading to an increase in unemployment.
It's important to note that these are simplified explanations and the actual impact of these factors can be influenced by various other economic conditions and factors. Additionally, the magnitude and duration of the effects can vary depending on the specific circumstances and the overall state of the economy.
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which of the following statements about 3-d printing is not true? group of answer choices cad systems supply data for 3-d printing. 3-d printing is also known as additive manufacturing. unlike traditional techniques, 3-d printing results in some wasted material. 3-d printing is often used to fashion items for small production runs. 3-d printing can create objects from plastic, metal, or composite materials.
Answers
The statement that "unlike traditional techniques, 3-d printing results in some wasted material" is not true. 3D printing is a form of additive manufacturing, meaning that material is added layer by layer to create the desired object.
Which of the following statements about 3-d printing is not true?
This process is in contrast to subtractive manufacturing, such as milling or turning, which removes material from a larger block or sheet of material to create the desired shape.
Subtractive manufacturing can result in a significant amount of wasted material, whereas additive manufacturing minimizes waste as material is only used where it is needed to create the object.
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Which statement indicates the impact of globalization on the African farming community?
Answers
The statement that indicates the impact of the Globalization on the African farming community is use of modern methods of farming increased the crop production of the people.
What is Globalization?Globalization is a term which refers to the interconnection and interaction of the economy with that of the world's economy. It involves the exchange of the knowledge, trade, technology and even people.
The complete image of the question is attached below.
The African farmers faced many challenges but still they are graced with a very appropriate soil type, which has been aided by modern irrigation practices, fertilizers.
Many of the international aggro-processing company that set up factory near the village in the hopes of obtaining easy and cheap labor. As a result of these factors, people's crop production has increased dramatically.
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A ________ is a temporary activity a company undertakes to create a unique product, service, or result.
Answers
Answer:
a project
Explanation:
is a temporary activity that's creates products, service, or result etc
22. in 2017, fbla is celebrating how many years of excellence?
Answers
In 2017, FBLA, which stands for Future Business Leaders of America, was celebrating its 75th year of excellence. FBLA is the largest student-run organization in the United States, with over 250,000 members across the country.
The organization provides students with opportunities to develop leadership skills, explore career paths in business and finance, and compete in various events and competitions.
FBLA was founded in 1942 as the Future Business Leaders of America Club by a group of business teachers in Johnson City, Tennessee. Over the years, the organization has grown significantly, expanding its reach to include students in middle schools, high schools, and colleges across the country.
To commemorate the 75th anniversary, FBLA launched a campaign called "Celebrate 75" to honor the organization's rich history and its impact on the lives of millions of students. The campaign included events, contests, and other initiatives that brought together FBLA members, alumni, and supporters from across the country to celebrate this milestone achievement.
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.When seeking out information on a new product, consumers tend to trust _________ over _________.
A) other consumers, corporations
B) corporations, other consumers
C) online reviews, printed reviews
D) their neighbors, online reviews
E) television infomercials, websites
Answers
When seeking out information on a new product, consumers tend to trust A) other consumers over corporations. This is because consumers find reviews and experiences shared by fellow users to be more authentic, unbiased, and relatable.
When seeking out information on a new product, consumers tend to trust other consumers over corporations.
This is because other consumers have experienced the product firsthand and can provide unbiased feedback on its quality and effectiveness. On the other hand, corporations have a vested interest in promoting their own products and may not always provide accurate or truthful information. In today's digital age, online reviews have become a popular source of information for consumers. According to a survey by BrightLocal, 88% of consumers trust online reviews as much as personal recommendations. This is because online reviews are written by other consumers who have no affiliation with the company selling the product, making them more trustworthy.Printed reviews, while still relevant, are not as popular as online reviews. This is due to the convenience and accessibility of online reviews, which can be accessed from anywhere at any time. It is also important to note that consumers may seek out information from multiple sources before making a purchase decision. However, the opinions of other consumers are often given more weight than those of corporations or advertisers.
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what are the criticisms of fiscal policy
Answers
Answer:
Fiscal policy is the adjustment of tax rate and government spending that is used to handle current economic situation.
There are several of criticism that usually found on fiscal policies.
- Time Lags.
The effect of fiscal policies could only be felt years after the policies are made. Often times, this goes unnoticed by the citizens of the country, making it look like that the government took no action to handle their economic issues.
- Strengthening foreign influence
One of the things that the government can do to reduce the inflation is by selling government bonds to the public. These bonds can be bought by companies from another countries. This will strengthen that country's influence over US economy.
- It could create a budget deficit for the next government officials.
Government in United States were reshuffled between 2-4 years. While the effect of fiscal policies could need more than 10 years before it actually can be felt. Sometimes, fiscal policies taken by previous government could create a deficit that had to be handled by the next government after the election.
#1 You are driving down the highway when one of your tires suddenly blows out. You should
Pump your brakes rapidly, and steer your vehicle to control any skids.
Avoid using your brakes. Slow down gradually and concentrate on steering.
Press hard on your brake pedal and stop as quickly as you can.
Answers
I need help it will determine my grade
Answers
Impact of purchasing an existing business
Answers
Answer:
What? I don't know what your talking about
Explanation:
What?
You are the manager of a firm that receives revenues of $40,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X is 1.6. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent? Instructions: Enter your response rounded to the nearest dollar.
Answers
Given own price elasticity of demand for product X is -1.5, cross-price elasticity of demand between product Y and X is 1.6. We need to calculate how much will the firm's total revenues change if we increase the price of good X by 1%.
To calculate the change in the firm's total revenue, we need to determine the percentage change in the quantity demanded of products X and Y. The formula to calculate percentage change is given below:\[\frac{|\text{Percentage Change in Quantity Demanded}|}{|\text{Percentage Change in Price}|}=\text{Elasticity}\]The firm receives revenues of $40,000 per year from product X and $70,000 per year from product Y.
Let Pᵪ and Pᵧ be the price of product X and Y, respectively. Let Qᵪ and Qᵧ be the quantity of product X and Y, respectively. Total revenue (TR) is calculated by multiplying the price and quantity of a product.TRᵪ = Pᵪ × Qᵪ,TRᵧ = Pᵧ × Qᵧ.The total revenue for the firm is calculated by adding the total revenue of both products TR = TRᵪ + TRᵧ.The solution is as follows: Own price elasticity of demand for product X is -1.5.A 1% increase in the price of product X results in a (-1.5) x 1% = -0.015% decrease in the quantity demanded of product X.
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Which is true of variable-rate loans?
O The rate can only go up.
O The rate can only go down.
O The rate can go up or down, depending upon the index it is tied too.
O The interest rate can fall below 0
Answers
Answer:
c is the answer
Explanation:
The statement true of variable-rate loans is The rate can go up or down, depending upon the index it is tied to. Thus the correct option is C.
What are variable-rate loans?Borrowing with a variable rate means that the interest rate will change over time in accordance with market conditions. It is predicated on a fundamental benchmark interest rate or index, which fluctuates often with the market.
Since their initial rates of interest are typically lower than those of fixed-rate loans, the rates and payments are subject to fluctuation. Individuals are assessed an additional premium by banks and other financial institutions beyond this benchmark rate.
In addition to the payment schedule, variable-interest-rate loans operate much like credit cards. Variable interest rates may rise to the point that the borrower finds it impossible to repay the loan.
Therefore, option C is appropriate.
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