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Dear Tutor,
When working out profit tables, should we use probabilities provided in the question. Some questions do, some dont and I’m sure my revision tutor said no….very confused.
It really depends which sort of question you are referring to.
If you mean a question that asks you to make decisions using expected values, maximin etc. then you do not use probabilities in the profit table. The profit table is exactly that – a table showing all possible profits. The probabilities are only relevant when you come to make a decision using expected values.
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