(Solution) 17-2 Game Show Uncertainty In The Final Round Of A TV Game Show, Contestants Have A Chance To Increase Their Current Winnings Of $1 Million To $2 | Snapessays.com


(Solution) 17-2 Game Show Uncertainty In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2


For this assignment, you are required to complete Individual Problems 17-2 and 17-6 at the end of Chapter 17 in Managerial Economics: A Problem Solving Approach. In addition, you are required to complete Group Problem G17-1: Uncertainty. As you are evaluating your current company, address the following decisions in your response (500-750 words):What environmental factors and risks must be considered in the company's decision-making process? Evaluate costs factors influencing the company's decision. Determine strategies that would provide value to the outcome your company is seeking relating to this decision.17-2 Game Show Uncertainty

 

In the final round of a TV game show, contestants

 

have a chance to increase their current winnings of

 

$1 million to $2 million. If they are wrong, their

 

prize is decreased to $500,000. A contestant thinks

 

his guess will be right 50% of the time. Should he

 

play? What is the lowest probability of a correct

 

guess that would make playing profitable?

 

17-6 Hiring

 

The HR department is trying to fill a vacant

 

position for a job with a small talent pool. Valid

 

applications arrive every week or so, and the

 

applicants all seem to bring different levels of

 

expertise. For each applicant, the HR manager

 

gathers information by trying to verify various

 

claims on resumes, but some doubt about fit

 

always lingers when a decision to hire or not is

 

to be made. What are the Type I and II decision

 

error costs? Which decision error is more likely to

 

be discovered by the CEO? How does this affect

 

the HR manager’s hiring decisions?

 

G17-1 Uncertainty

 

Describe a decision your company has made

 

when facing uncertainty. Compute the expected

 

costs and benefits of the decision. Offer advice

 

on how to proceed. Compute the profit consequences

 

of the advice.

 


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This question was answered on: May 23, 2022

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