Solved: Construct a value function to determine your pibp and pisp, Basic Statistics

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Construct a value function to determine your pibp and pisp

Question: Construct a value function to determine your PIBP and PISP for a peanut butter and jelly sandwich. Provide any required parameters, such as best thickness of peanut butter, jelly, and bread.

a. How much is your best sandwich worth to you?

b. If you were going to get 90% of your optimal thickness of bread, how much would this new sandwich be worth to you?

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Basic Statistics: Construct a value function to determine your pibp and pisp

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Basic Statistics: Construct a value function to determine your pibp and pisp

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