Finite Mathematics (11th Edition)
11th Edition
ISBN: 9780321979438
Author: Margaret L. Lial, Raymond N. Greenwell, Nathan P. Ritchey
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 11, Problem 53RE
To determine
The optimum strategies of the game and value of the game
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Nora bought 100 shares of a technology stock and 200 shares of a mutual fund for $3400. Her sister, Erin, bought 300 shares of
the technology stock and 50 shares of the same mutual fund for $5250. Find the cost per share of the technology stock, and the
cost per share of the mutual fund.
Part 1 of 2
The technology stock costs $
per share.
Part 2 of 2
The mutual fund costs $
per share.
An insurance agency services many customers who have purchased both a homeowner’s policy and a car policy from the agency. For each type of policy, a deductible amount must be specified.
For a car policy, the choices are $0, $50, and $100, and 25%, 25%, and 50% of customers have these deductibles respectively. It means P(X=$0) = 0.25, etc.
For a homeowner’s policy, the choices are 0, $200, and $500 and 30%, 30%, and 40% of customers have these deductibles respectively. It means P(Y=$0) = 0.3, etc.
Suppose an individual with both types of policy is selected at random from the agency’s files. Let X = the deductible amount on the car policy and Y = the deductible amount on the homeowner’s policy.
Assume X and Y are independent.
a. Find the joint probability mass function of X and Y (write it as a table).
b. Find median car insurance policy deductible.
c. Find average homeowner’s policy deductible.
The inventor of a new game believes that the variable
cost of producing the game is $1.95 per unit, and the
fixed costs for a month are $8000. He sells the game to
retailers for $5.00 each. Give the net profit or loss if the
inventor makes and sells 150,000 games in a month. IF
LOSS, enter NEGATIVE amount.
Chapter 11 Solutions
Finite Mathematics (11th Edition)
Ch. 11.1 - In the following game, decide on the payoff when...Ch. 11.1 - Prob. 2ECh. 11.1 - Prob. 3ECh. 11.1 - In the following game, decide on the payoff when...Ch. 11.1 - Prob. 5ECh. 11.1 - Prob. 6ECh. 11.1 - Prob. 7ECh. 11.1 - Does it have a saddle point?Ch. 11.1 - Prob. 9ECh. 11.1 - Prob. 10E
Ch. 11.1 - Prob. 11ECh. 11.1 - Prob. 12ECh. 11.1 - Prob. 13ECh. 11.1 - Prob. 14ECh. 11.1 - Prob. 15ECh. 11.1 - Prob. 16ECh. 11.1 - Prob. 17ECh. 11.1 - Prob. 18ECh. 11.1 - Prob. 19ECh. 11.1 - Prob. 20ECh. 11.1 - Prob. 21ECh. 11.1 - Prob. 22ECh. 11.1 - Prob. 23ECh. 11.1 - Prob. 24ECh. 11.1 - Prob. 25ECh. 11.1 - Prob. 26ECh. 11.1 - Prob. 27ECh. 11.1 - Prob. 28ECh. 11.1 - Prob. 29ECh. 11.1 - Prob. 30ECh. 11.1 - Prob. 31ECh. 11.1 - Prob. 32ECh. 11.1 - Prob. 33ECh. 11.1 - Prob. 34ECh. 11.1 - Prob. 35ECh. 11.1 - Prob. 36ECh. 11.1 - Prob. 37ECh. 11.1 - APPLY IT Football When a football team has the...Ch. 11.1 - Prob. 39ECh. 11.1 - Prob. 40ECh. 11.1 - Children's Game In the children's game rock,...Ch. 11.2 - Suppose a game has payoff matrix [ 3452 ]. Suppose...Ch. 11.2 - Suppose a game has payoff matrix [ 041324110 ]....Ch. 11.2 - Find the optimum strategies for player A and...Ch. 11.2 - Find the optimum strategies for player A and...Ch. 11.2 - Prob. 5ECh. 11.2 - Prob. 6ECh. 11.2 - Prob. 7ECh. 11.2 - Prob. 8ECh. 11.2 - Prob. 9ECh. 11.2 - Prob. 10ECh. 11.2 - Prob. 11ECh. 11.2 - Prob. 12ECh. 11.2 - Prob. 13ECh. 11.2 - Prob. 14ECh. 11.2 - Prob. 15ECh. 11.2 - Prob. 16ECh. 11.2 - Prob. 17ECh. 11.2 - Prob. 18ECh. 11.2 - Prob. 19ECh. 11.2 - Prob. 20ECh. 11.2 - Prob. 21ECh. 11.2 - Prob. 22ECh. 11.2 - Prob. 23ECh. 11.2 - Prob. 24ECh. 11.2 - Prob. 25ECh. 11.2 - Prob. 26ECh. 11.2 - Prob. 27ECh. 11.2 - Prob. 28ECh. 11.2 - A reader wrote to the "Ask Marilyn" column in...Ch. 11.2 - Prob. 30ECh. 11.2 - Prob. 31ECh. 11.2 - Prob. 32ECh. 11.2 - Prob. 33ECh. 11.2 - Choosing Medication The number of cases of African...Ch. 11.2 - Prob. 35ECh. 11.2 - Prob. 36ECh. 11.2 - 37. Golf In a simplified variation of the Ryder...Ch. 11.2 - Prob. 38ECh. 11.2 - Prob. 39ECh. 11.2 - Prob. 40ECh. 11.2 - Finger Game Repeal Exercise 40 if each player may...Ch. 11.3 - Use the graphical method to find the optimum...Ch. 11.3 - Prob. 2ECh. 11.3 - Use the graphical method to find the optimum...Ch. 11.3 - Prob. 4ECh. 11.3 - Prob. 5ECh. 11.3 - Prob. 6ECh. 11.3 - Prob. 7ECh. 11.3 - Prob. 8ECh. 11.3 - Prob. 9ECh. 11.3 - Use the simplex method to find the optimum...Ch. 11.3 - Prob. 11ECh. 11.3 - Prob. 12ECh. 11.3 - Prob. 13ECh. 11.3 - Prob. 14ECh. 11.3 - Prob. 15ECh. 11.3 - In Exercises 1327, use the graphical method when...Ch. 11.3 - Prob. 17ECh. 11.3 - Prob. 18ECh. 11.3 - Prob. 19ECh. 11.3 - Prob. 20ECh. 11.3 - Prob. 21ECh. 11.3 - Prob. 22ECh. 11.3 - Prob. 23ECh. 11.3 - In Exercises 1327, use the graphical method when...Ch. 11.3 - In Exercises 13–27, use the graphical method when...Ch. 11.3 - Prob. 26ECh. 11.3 - Prob. 27ECh. 11 - 1. Since they like to eat out, each prefers a...Ch. 11 - If Linda likes French food more than Mel likes...Ch. 11 - Prob. 3EACh. 11 - 4. Suppose Linda knows that Mel is going to stick...Ch. 11 - Prob. 5EACh. 11 - Prob. 6EACh. 11 - Prob. 1RECh. 11 - Prob. 2RECh. 11 - Prob. 3RECh. 11 - Prob. 4RECh. 11 - Prob. 5RECh. 11 - Prob. 6RECh. 11 - Prob. 7RECh. 11 - Prob. 8RECh. 11 - Prob. 9RECh. 11 - Prob. 10RECh. 11 - 11. How can you determine from the payoff matrix...Ch. 11 - Prob. 12RECh. 11 - Prob. 13RECh. 11 - Prob. 14RECh. 11 - Prob. 15RECh. 11 - Prob. 16RECh. 11 - Prob. 17RECh. 11 - Prob. 18RECh. 11 - Prob. 19RECh. 11 - Prob. 20RECh. 11 - Prob. 21RECh. 11 - Prob. 22RECh. 11 - Prob. 23RECh. 11 - Prob. 24RECh. 11 - Prob. 25RECh. 11 - For the following games, find the strategies...Ch. 11 - Prob. 27RECh. 11 - For the following games, find the strategies...Ch. 11 - Prob. 29RECh. 11 - Prob. 30RECh. 11 - Prob. 31RECh. 11 - Prob. 32RECh. 11 - Prob. 33RECh. 11 - Prob. 34RECh. 11 - Prob. 35RECh. 11 - For each game, remove any dominated strategies,...Ch. 11 - Prob. 37RECh. 11 - Prob. 38RECh. 11 - Prob. 39RECh. 11 - Prob. 40RECh. 11 - Prob. 41RECh. 11 - Prob. 42RECh. 11 - Prob. 43RECh. 11 - Prob. 44RECh. 11 - Prob. 45RECh. 11 - Prob. 46RECh. 11 - Labor Relations In labor-management relations,...Ch. 11 - Prob. 48RECh. 11 - Prob. 49RECh. 11 - Prob. 50RECh. 11 - Prob. 51RECh. 11 - Prob. 52RECh. 11 - Prob. 53RECh. 11 - Prob. 54RECh. 11 - Politics Mary Wilkinson, a candidate for city...Ch. 11 - Prob. 56RECh. 11 - Prob. 57RECh. 11 - Prob. 58RECh. 11 - Prob. 59RECh. 11 - Prob. 60RECh. 11 - Prob. 61RECh. 11 - Prob. 62RECh. 11 - Prob. 63RECh. 11 - Newcomb's Paradox Suppose there are two boxes, A...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.Similar questions
- A group is planning its annual fund-raiser in which it raises money by selling pasta dinners. The group will charge $2.41 per serving of pasta. The expenses the group will incur are the cost of the pasta, $0.75 per serving, and the $344 cost of renting the facility for the evening. Find the associated cost, revenue, and profit function. What will be the resulting profit if they sell 246 servings of pasta? (Round to the nearest cent which is two decimal places. Do not include units or symbols.)arrow_forwardThe inventor of a new game believes that the variable cost for producing the game is $0.95 per unit and the fixed cost are $4,700. The inventor sells each game for $1.99. Let c be the number of games producedarrow_forwardThe school has 285 students. The lowest possible ticket price is $5.00, and they estimate that for every $0.50 increase in ticket price, 15 fewer students will attend. Which ticket price will maximize the student council's profit?arrow_forward
- You are deciding between two cell phone plans. Plan A: Unlimited text, talk, and data for $60 per month. Plan B: Unlimited text and data and 100 minutes of talk for $40, plus $0.20 per minute of talk after 100 minutes. (a) Find the monthly cost (in dollars) of each plan for various minutes of talk. Fill in the chart below.arrow_forwardQuestion: The average score of Lovely in her 6 math quizzes is 9. If she will not include her lowest score, her average score will be 21. What is her lowest score? Answer using variable strategy: Step 1: Understand the Problem Step 2: Devise a Plan Step 3: Carry out the plan Step 4: Check. NOTE: Please follow the four steps and represent using x.arrow_forwardA manufacturer has determined that the marginal profit from the production and sale of x coffee makers is approximately 280 - 6x dollars per coffee maker. Step 1 of 2: Find the profit function if the profit from the production and sale of 32 coffee makers is $1800.arrow_forward
- For each problem, select the best response. (a) The Columbus Zoo conducts a study to determine whether a household's income can be used to predict the amount of money the household will give to the zoo's annual fund drive. The response variable in this study is A. the amount of money a household gives to the zoo's annual fund drive. B. all households in Columbus. C. the Columbus Zoo. D. a household's income. E. None of the above. (b) A researcher measures the correlation between two variables. This correlation tells us A. whether a cause-and-effect relation exists between two variables. B. the strength of a straight line relation between two variables. C. whether there is a relation between two variables. D. whether or not a scatterplot shows an interesting pattern. E. None of the above. (c) A researcher wishes to determine whether the rate of water flow (in liters per second) over an experimental soil bed can be used to predict the amount of soil washed away (in…arrow_forwarddvisor estimates that the money-market fund will return 5% over the next year, the blue-chip fund 9%, and the high-tech fund 16%. Jason wants a total of first-year return of $4000. To avoid excessive risk, he decides to invest three times as much money in the money-market fund as in the high-tech stock fund. How much should he invest in each fund? 4. Let A=5, -31 -2 3 a. Find the inverse of matrix A, if it exists. Write out all work. b. Use your answer from part a. to solve the system of linear equations below. (Note: You must use part a. in order to get full credit for this question.) 5x-3y 10 -2x+3y 15 %3D %3D DII DD F10 F7 F8arrow_forwardAn investment manager has a dilemma of how to invest K10 000 000. He could either invest in stocks, bonds, certificates of deposit (CD) or a mixture of the three. The economy could be stagnant 25%, slow growth 45% and rapid growth 30%. For the stagnant economy –K500 000, -K100 000, K300 000 and –K200 000 would be the payoffs for the different investments For the slow growth economy K700 000, K600 000, K500 000 and K650 000 would be the payoffs for the different investments For the rapid growth economy K2200 000, K900 000, K750 000 and K1300 000 would be the payoffs for the different investments. Required: Compute the expected monetary value (EMV).arrow_forward
- Question: The average score of Lovely in her 6 math quizzes is 9. If she will not include her lowest score, her average score will be 21. What is her lowest score? Answer using variable strategy: Step 1: Understand the Problem Step 2: Devise a Plan Step 3: Carry out the plan Step 4: Check.arrow_forwardJake has $225,000 to invest. He chooses one money market fund that pays % 6.2 and a mutual fund that has more risk but has averaged %8.2 per year. If his goal is to average 6.6% per year with minimal risk, how much should he invest in each fund?arrow_forwardYou've decided to sell sweatshirts for the upcoming game. You project that at a price of $32.64 per sweatshirt, you will be able to sell 130 shirts. In order to sell 210 sweatshirts, you would need to lower the price to $26.88per sweatshirt. In order to produce the sweatshirts, it costs you $2.35 per sweatshirt on top of fixed costs of $380What price should you charge in order to earn a profit of $2700 Assume linear demand.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillBig Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Solve ANY Optimization Problem in 5 Steps w/ Examples. What are they and How do you solve them?; Author: Ace Tutors;https://www.youtube.com/watch?v=BfOSKc_sncg;License: Standard YouTube License, CC-BY
Types of solution in LPP|Basic|Multiple solution|Unbounded|Infeasible|GTU|Special case of LP problem; Author: Mechanical Engineering Management;https://www.youtube.com/watch?v=F-D2WICq8Sk;License: Standard YouTube License, CC-BY
Optimization Problems in Calculus; Author: Professor Dave Explains;https://www.youtube.com/watch?v=q1U6AmIa_uQ;License: Standard YouTube License, CC-BY
Introduction to Optimization; Author: Math with Dr. Claire;https://www.youtube.com/watch?v=YLzgYm2tN8E;License: Standard YouTube License, CC-BY