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A restaurant prepares breakfast meals before opening. The cost of each meal is 25 Pounds and is offered to the restaurant customers from 7:00 to
A restaurant prepares breakfast meals before opening. The cost of each meal is 25 Pounds and is offered to the restaurant customers from 7:00 to 10:00 AM every day at 45 Pounds/Meal. Starting 10:00 AM through the rest of the day, the meals are offered unheated at 15 Pounds each. Due to the heavy traffic of customers, the restaurant never encountered a situation where any meal is left unsold before the end of the day. The restaurant owner trusts that his loyal customers will only choose to have their breakfast at his restaurant, therefore, he wishes to ignore the cost of shortages. Construct the conditional payoff formulae. A restaurant prepares breakfast meals before opening. The cost of each meal is 25 Pounds and is offered to the restaurant customers from 7:00 to 10:00 AM every day at 45 Pounds/Meal. Starting 10:00 AM through the rest of the day, the meals are offered unheated at 15 Pounds each. Due to the heavy traffic of customers, the restaurant never encountered a situation where any meal is left unsold before the end of the day. The restaurant owner trusts that his loyal customers will only choose to have their breakfast at his restaurant, therefore, he wishes to ignore the cost of shortages. Construct the conditional payoff formulae
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