Expected value for this decision scenario

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Reference no: EM13943854

1. What is Expected value for this decision scenario, given that Pr(good) = 0.7?
Assume you will face this decision scenario yearly for many years.
Good conditions will happen 70% of the time
Poor conditions will happen 30% of the time
But will only be known after you have chosen an alternative. Which alternative you will select based on the Expected value.

Reference no: EM13943854

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