Take probability and expected value along two rectangular axes in a graph sheet.
Graphical
solution
Procedure
Take probability and expected
value along two rectangular axes in a graph sheet. Draw two straight lines
given by the two equations (1) and (2). Determine the point of intersection of the two
straight lines in the graph. This will give the common solution of the two
equations (1) and (2). Thus
we would obtain the value of the game.
Represent the two equations by
the two straight lines AB and CD on the graph sheet. Take the point of
intersection of AB and CD as T. For this point, we have p = 0.5 and E = 3.
Therefore, the value V of the game is 3.
Tags : Operations Management - Game Theory, Goal Programming & Queuing Theory
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