Solution-Profit payoff table-expected value

Profit payoff table-expected value

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For the profit payoff table below, the decision maker assumes that P(s₁) = .15, p(s₂) = .50, and p(s₃) = .35.

	State of Nature
Decision	s ₁	s ₂	s ₃
d ₁	-5000	1000	10,000
d ₂	-15,000	-2000	40,000

What alternative would be chosen according to expected value?

Reference no: EM13944723

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Profit payoff table-expected value

Reference no: EM13944723

Reference no: EM13944723

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