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Prepare the opportunity loss table

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Question - A newspaper boy buys magazines for Rs.13 each and sells them for Rs.18 each. He cannot return the unsold magazine. The past record of sales is as follows:

Sales

23

24

25

26

27

28

29

30

Prob.

.05

.10

.15

.30

.20

.10

.05

.05

Required -

i) Prepare the opportunity loss table.

ii) Select the optimal act using expected opportunity loss criterion.

iii) Find EVPI.

Reference no: EM132557852

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