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No matter what you found in previous questions, assume the payoff table is as follows. Demand Order Amount 300 400 500 600 300 7800 7800

No matter what you found in previous questions, assume the payoff table is as follows.

Demand

Order Amount

300

400

500

600

300

7800

7800

7800

7800

400

7600

10400

10400

10400

500

7400

10200

13000

13000

600

7200

10000

12800

15600

a) Also assume that the probabilities for a demand of 300 is 0.3, for 400 is 0.2, and for 500 is 0.15 (in other words, ignore the probabilities that you computed earlier). What is the expected monetary value for ordering 600 trees?

b) Using the information from the previous question, what is the expected monetary value of the best decision?

c) Using the information from the previous 2 questions, what is the most Sandy should be willing to pay for new information about demand?

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