1.

According to this problem, what is the monetary value (in Baht) associated with the HighSevere effectiveness and side-effects outcome? (Designate a negative value with the '-' sign if applicable.)

2. What is expected monetary value (EMV) in Baht from choosing the AA vaccine combination? (Include the '-' sign if the value is negative.)

3. What is the probability of getting an effectiveness and side-effects outcome that is a gain (positive equivalent monetary value) if we chose the SS vaccine combination? (Type in a number as a decimal between 0 and 1.)

Assume that you are considering which of the two COVID-19 vaccines to get: AstroSupernova (A) and/or Sinocrack (S). You must get two doses of the vaccines, but may choose between any of the two, mixing and matching as desired. In particular, you may choose AstroSupernova for both doses (AA), AstroSupernova for the first dose and Sinocrack for the second (AS), Sinocrack for the first dose and AstroSupernova for the second (SA), or Sinocrack for both doses (SS). You are concerned with two issues: the effectiveness of the vaccines, which may be low or high, and their side-effects, which may be mild or severe. - The best case scenario is if the two doses turn out to be high in effectiveness with mild side-effects (HighMild). The value of this outcome is equivalent to you gaining 100,000 Baht. . The second-best case scenario is if the two doses turned out to be high in effectiveness with severe side effects (HighSevere). The value of this outcome is equivalent to you gaining 50,000 Baht. . The third-best case scenario is if the two doses turned out to be low in effectiveness with mild side-effects (Low Mild). The value of this outcome is equivalent to you losing -100,000 Baht. The fourth best (worst) case scenario is if the two doses turned out to be low in effectiveness with severe side effects (LowSevere). The value of this outcome is equivalent to you losing -200,000 Baht. Suppose that the following table represents the probabilities of the four scenarios (HighMild, HighSevere, Low Mild, and LowSevere) for each of the vaccine combination (AA, AS, SA, and SS). PROBABILITY OF EFFECTIVENESS/SIDE-EFFECTS OUTCOME VACCINE LowSevere Low Mild HighSevere High Mild COMBINATION o AA 0.3 0.1 0.4 0.2 AS 0.4 0.2 0.3 0.1 SA 0.1 0.3 0.2 0.4 SS 0.2 0.4 0.1 0.3 Assume that you are considering which of the two COVID-19 vaccines to get: AstroSupernova (A) and/or Sinocrack (S). You must get two doses of the vaccines, but may choose between any of the two, mixing and matching as desired. In particular, you may choose AstroSupernova for both doses (AA), AstroSupernova for the first dose and Sinocrack for the second (AS), Sinocrack for the first dose and AstroSupernova for the second (SA), or Sinocrack for both doses (SS). You are concerned with two issues: the effectiveness of the vaccines, which may be low or high, and their side-effects, which may be mild or severe. - The best case scenario is if the two doses turn out to be high in effectiveness with mild side-effects (HighMild). The value of this outcome is equivalent to you gaining 100,000 Baht. . The second-best case scenario is if the two doses turned out to be high in effectiveness with severe side effects (HighSevere). The value of this outcome is equivalent to you gaining 50,000 Baht. . The third-best case scenario is if the two doses turned out to be low in effectiveness with mild side-effects (Low Mild). The value of this outcome is equivalent to you losing -100,000 Baht. The fourth best (worst) case scenario is if the two doses turned out to be low in effectiveness with severe side effects (LowSevere). The value of this outcome is equivalent to you losing -200,000 Baht. Suppose that the following table represents the probabilities of the four scenarios (HighMild, HighSevere, Low Mild, and LowSevere) for each of the vaccine combination (AA, AS, SA, and SS). PROBABILITY OF EFFECTIVENESS/SIDE-EFFECTS OUTCOME VACCINE LowSevere Low Mild HighSevere High Mild COMBINATION o AA 0.3 0.1 0.4 0.2 AS 0.4 0.2 0.3 0.1 SA 0.1 0.3 0.2 0.4 SS 0.2 0.4 0.1 0.3