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16 points) Blackbeard's Phantom Fireworks is considering two new bottle rockets. The company can add both to the current line, neither, or just one of
- 16 points) Blackbeard's Phantom Fireworks is considering two new bottle rockets. The company can add both to the current line, neither, or just one of the two. The success of these products depends on consumers' reactions to the products. These reactions can be summarized as good, P(S1) = 0.30; fair, P(S2) = 0.50; or poor, P(S3) = 0.20. The company's revenues, in thousands of dollars, are estimated in the accompanying pay-off table:
Decision | S1 | S2 | S3 |
Neither | $0 | $0 | $0 |
Product 1 only | $125 | $65 | $30 |
Product 2 only | $105 | $60 | $30 |
Both | $220 | $110 | $40 |
Develop an opportunity loss table. (Round the final answers to the nearest whole number.) (4 marks)
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