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The Tanker is an informative oil newsletter to which many oil giants subscribe, including Mr. Kenneth, see question 1). In the last issue, the letter described how the demand for oil products would be ex- tremely high. Apparently, the American consumer will continue to use oil products even if the price of these products doubles. Indeed, one of the articles in the Tanker states that the chances of a favourable market for oil products was 70%, while the chance of an unfavourable market was only 30%. Mr. Ken- neth would like to use these probabilities in determining the best decision.
a) What decision model should be used?
b) What is the optimal decision?
c) Mr. Kenneth believes that the $300,000 figure for equipment A with a favourable market is too high. How much lower would this figure have to be for Mr. Kenneth to change his decision made in part b?
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