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4. The CEO must determine whether to build a small plant or a large plant for the company. The CEO believes that the profit made

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4. The CEO must determine whether to build a small plant or a large plant for the company. The CEO believes that the profit made will depend on the level of future demand. The payoff table (in $) is as follows: Event High Demand Low Demand Probability 0.65 0.35 Action Small Plant 270 195 Action Large Plant 480 100 a. Build the opportunity loss matrix b. Interpret the number in the opportunity loss matrix for a low demand and a large plant C. Compute the expected opportunity loss (EOL) solution for each action. What is the optimal action

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