Question

New information obtained through research or experimentation that enables an updating or revision of the state-of-nature probabilities is known as
a. expected utility.
b. sample information.
c. joint probability.
d. conditional probability.

Answer 1

Answer:

The correct answer is b. sample information.  

Explanation:

A sample is a part or a portion of a product that allows to know the quality of it. For example: “Yesterday I requested a sample of the new perfume that they advertise on television”, “They have asked me for a sample note for a Mexican magazine”, “I need a sample of fabrics, please”.