Reference no: EM131444618
Remington Colt owns Bloodbath and Beyond, a Nevada based gun dealership, that will participate in an upcoming gun show in Texas. Remington must decide how many Uzi's to import from a supplier overseas. He estimates demand for Uzi's at the gun show to be
Demand 20 Probability .1
Demand 30 Probability .6
Demand 40 Probability .3
The guns cost $1,000 each to purchase from the foreign supplier. He will advertise and sell them for $2,000 during the show. This gun is illegal in Nevada. Therefore, any Uzi's that don't sell during the Texas gun show will be sold to another dealer for $700 each. If he runs out of Uzi's at the gun show, Remington will have to procure additional Uzi's from another dealer for $1,500 to sell to his clients.
a. Draw the Payoff Table and the Opportunity Loss tables.
b. Find the optimal action according to Maximax, Maximin, and Maximum Likelihood.
c. Write the expressions for EMV.
d. If EMV(a * ) = $30,200, write the expression for EVPI.
Please show work in details
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