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suppose you buy a $150 cell phone. You do not buy the $10 replacement warranty but will buy another one at full price if it
suppose you buy a $150 cell phone. You do not buy the $10 replacement warranty but will buy another one at full price if it fails. Suppose there is a 5% chance that it will fail. based on expected cost, did you make the right decision? What does the $10 warranty represent?
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