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Watt Lovell Ltd. (WLL) is trying to decide whether or not to drill for oil on a particular site in North Eastern Kenya. The Chief Engineer has assessed the probabilities that there will be oil as follow, based on past experience.
Oil 0.2No oil 0.8
It is possible for WLL to hire a firm of international consultants to carry out a complete survey of the site. WLL has used the firm many times before and has made the following estimates:1. If there really is oil, then there is a 95% chance that the report will be favourable.2. If there is no oil then there is only a 10% chance that the report will indicate that there is oil.
The following additional information is also provided:· The cost of drilling is Sh.10 million.· The value of the benefits if oil is found is Sh.70 million· The cost of obtaining information is Sh.3 million.
Required:a) Advise the company on whether to acquire additional information from the consultants.b) Compute the value of imperfect information.
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question1 the following is a partly completed lower section of a departmental expense distribution spreadsheet for
Consider a bakery that estimates its requirement of wheat in May as 50,000 bushels. The manager of the bakery can hedge against price risk by going long on 10 May wheat futures contracts at the currently prevailing futures price of $8.65 a bushel ..
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