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What is the expected value of perfect information

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Reference no: EM132756737

Question - UWX Company can make either of 2 products, XX and YY, but not both. The profitability of each product depends on the state of the market, as follows:

Market state Profit from the product Probability of market state

XX YY

£ £

Good 20,000 17,000 0.25

Fair 15,000 16,000 0.5

Poor 6,000 7,000 0.25

Required - What is the expected value of perfect information as to the state of the market?

Reference no: EM132756737

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