Another possibility is to have the movie shown to a random sample of North Americans and use their collective judgment to help the studio make a decision. These judgments are categorized as “rave...


Another possibility is to have the movie shown to a random sample of North Americans and use their collective judgment to help the studio make a decision. These judgments are categorized as “rave review,” “lukewarm response,” and “poor response.” The cost of the sample is $100,000. The sampling process has been used several times in the past. The likelihood probabilities describing the audience judgments and the movie’s success level are shown next. Perform a preposterous analysis to determine what the studio executives should do.



May 26, 2022
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