What does the coefficient of optimism need to exceed in order for the Galapagos Islands to not be the vacation destination of choice?
Final exams are almost here and once they are done, it will be time to reward myself with a well-deserved vacation. As a state employee, I haven't seen a raise since... well, ever. Thus an important criterion, in fact the most important criterion is to find an exotic region that can be visited inexpensively. There are three states of nature that could impact costs in these five areas of interest, and they correspond to the relative strength of the US Dollar against that region's dominant currency. Rather than squander my time doing any actual publishable research, instead I have determined the average cost per day to visit each region under each of the possible states of nature. This table, which should not be construed as actual vacation advice, appears below.
Region Strong Dollar Middling Dollar Weak Dollar
Eastern Europe 33 54 57
Southeast Asia 41 56 36
Australia 45 44 58
Galapagos Islands 37 35 26
Scandinavia 38 11 48
A) 0.80
B) 0.77
C) 0.74
D) 0.71
Answer: B
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