Andrew Thomas, a sandwich vendor at Hard Rock Cafes annual Rockfest, created a table of conditional values
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The probabilities associated with the states of nature are 0.3 for a big demand, 0.5 for an average demand, and 0.2 for a small demand.
a) Determine the alternative that provides Andrew the greatest expected monetary value (EMV).
b) Compute the expected value of perfect information(EVPI).
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a EMV large stock 0322 0512 022 122 EMV av...View the full answer
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