Multiple Choice
A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $2.00. If the ticket is a winner,the prize would be $1,000. Knowing that winning $1,000 is not a certain outcome (state of nature) ,the person finds that the probability of winning is 0.001. Based on this information,the following payoff table can be constructed: 
What is the decision that uses a maximax or optimistic approach?
A) Buy
B) Don't buy
C) Lose
D) Win
Correct Answer:
Verified
Correct Answer:
Verified
Q16: The manager of Paul's fruit and vegetable
Q17: A maximax strategy will always choose the
Q18: The manager of Paul's fruit and vegetable
Q19: The manager of Paul's fruit and vegetable
Q20: The manager of Paul's fruit and vegetable
Q22: An expected opportunity loss can only be
Q23: The manager of Paul's fruit and vegetable
Q24: The manager of Paul's fruit and vegetable
Q25: The national sales manager for "I colored
Q26: The manager of Paul's fruit and vegetable