(a) The probability that a boy will get a scholarship is 0.9 and that a girl will get is 0.8. What is the probability that at least one of them will…
BBS Business Statistics · 2078 · Solved Question with Answer
(a) The probability that a boy will get a scholarship is 0.9 and that a girl will get is 0.8. What is the probability that at least one of them will get the scholarship? (b) The following table is the conditional payoff table:
| Strategy | No (10) | N1(11) | N2(12) | N3(13) | N4(14) |
| s1(10) | 400 | 400 | 400 | 400 | 400 |
| s1(11) | 380 | 440 | 440 | 440 | 440 |
| s1(12) | 360 | 420 | 480 | 480 | 480 |
| s1(13) | 340 | 400 | 460 | 520 | 520 |
| s1(14) | 320 | 380 | 440 | 500 | 560 |
What will be your decision if : (i) Maximum criterion is used (ii) Maximum Criterion is used (iii) Minimax regret criterion is used