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Problem 2 . Deciding how large of a condo development to build. We're not sure what demand will be when the condos are finished. Following

Problem 2. Deciding how large of a condo development to build. We're not sure what demand will be when the condos are finished. Following table shows the profit in millions as a function of market status. Strong Weak Small 87(profit in $million) Large 20-9 We won't know what demand will be when we start construction. Our forecasts show that there's an 80% chance demand will be strong. a) What size development should we build? b) What if the 80% chance of a strong market is not right? c) What if the 8 in our table above (tree) changed

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