Question

In: Operations Management

introduces the concept of probability and defines it. We frequently use probability in our daily lives...

introduces the concept of probability and defines it. We frequently use probability in our daily lives to make decisions when we are not sure about the outcome. Read the following mind-boggling famous problem and decide.
“The Monty Hall problem" is a famous probability related conundrum faced by participants on the game show Let’s make a deal that premiered in 1963 and is still running some markets around the world. At the end of each day’s show, a contestant was invited to stand with host Monty Hall facing three big doors: Door no. 1, Door no.2, and Door no.3. Monty explained to the contestant that there was a highly desirable prize behind one of the doors and a goat behind the other two doors. The player chose the three doors and would get a prize whatever was behind it. The initial probability of winning was straight forward. There were three two goats and one car. As the participant stood facing the doors with Monty, he or she had a 1 in 3 chance of choosing the door that would be opened to reveal the car. However, Let’s make a deal that had a twist, which is why the show was immortalized in the probability literature. After the contestant chooses a door, Monty would open one of the two doors that the contestant had not picked, always revealing a goat. At that point, Monty would ask the contestant if he would like to change his pick-to switch from the closed door that he had picked originally to the other remaining closed door. For the sake of example, assume that the player has chosen Door no. 1. Monty would then open-Door no. 3; the live goat would be standing there on stage. Two doors would still be closed, nos. 1 and 2. If the valuable prize was behind no. 1, the contestant would win; if it was behind no. 2, he would lose. But then things got more interesting: Monty would turn to the player and ask whether he would like to change his mind and switch doors (from no. 1 to no. 2 in this case). Remember, both doors were still closed, and the only new information the contestant had received was that a goat showed up behind one of the doors that he didn’t pick.”

Address the following question in your post:
• Should the contestant switch the door? Make sure to discuss the reasons why he needs to switch or not switch.

Solutions

Expert Solution

If we analytically evaluate each option based on the probability of winning through choosing the correct door, it is viable for the contestant to switch.

If the contestant does not switch the door and sticks to his initial choice, then there is probability of only 1/3 of choosing the correct door but if the contestant switches the door then there are 2/3 chances of winning. The odds if winning are better when the contestant switches because Monty curates the remaining choices either way.

The basic reasoning behind the probability of winning more while switching is that Monty already is aware about where the car is. So while eliminating the first door he never chooses the door with the car and also curates the rest of the doors, which means even if contestants initially picked the correct door, location of car is still good to change which leaves switching a better bet to win.

.

Thanks destroy student... Hope this helps... Good luck.... Rate if satisfied


Related Solutions

You will find that we consume monopolies in our daily lives from our electricity to internet...
You will find that we consume monopolies in our daily lives from our electricity to internet service. Why do you think monopolies are classified as a price maker and what are the challenges that monopolies will be facing given the lack of competition?
You will find that we consume monopolies in our daily lives from our electricity to internet...
You will find that we consume monopolies in our daily lives from our electricity to internet service. Why do you think monopolies are classified as a price maker and what are the challenges that monopolies will be facing given the lack of competition?
1. Give examples of externalities that we observe, and even contribute to, in our daily lives....
1. Give examples of externalities that we observe, and even contribute to, in our daily lives. Briefly discuss their potential economic and social costs. 2. As of 2019, over 70 jurisdictions, representing about 20% of global greenhouse gases emissions, have put a price on carbon. Can a "national" carbon tax reduce "global" warming? What other 'climate actions" should be taken by individuals, businesses and governments?
Examples of 1st law thermodynamics in our daily lives
Examples of 1st law thermodynamics in our daily lives
10 examples of engineering mechanics in our daily lives?
10 examples of engineering mechanics in our daily lives?
The genetic code dictates our daily lives. It is something that each of our cells must...
The genetic code dictates our daily lives. It is something that each of our cells must dearly protect since it truly is our “recipe-book for life”. Keeping this in mind, apply your knowledge of genetics to answer the following: Centromeres and telomeres contain many repetitive sequences: a) Why would this be an advantage for the cell? Explain fully. b) Would you expect exons to be in the telomeric and centromeric regions? Explain why or why not.
How does the cognitive process of thinking affect our daily lives?
How does the cognitive process of thinking affect our daily lives?
Often times we use schedules of reinforcement in our every day lives and are not aware....
Often times we use schedules of reinforcement in our every day lives and are not aware. Think about and share a schedule of reinforcement that is present in your life or someone you know. Please share the details of the real-life example and use the video to aid in your discussion as appropriate. video: http://www.youtube.com/watch?v=7k47hLVBYuY Please answer in 25o words or less. NO Copy pasted answers.
State the various electromagnetic waves and explain its application in our daily lives.
State the various electromagnetic waves and explain its application in our daily lives.
Please give a few examples of how we use mean, median, and mode in our daily...
Please give a few examples of how we use mean, median, and mode in our daily personal or work lives.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT