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Residents of Mill River have fond memories of ice skating at a local park. An artist has captured the expen'ence in a drawing and is
Residents of Mill River have fond memories of ice skating at a local park. An artist has captured the expen'ence in a drawing and is hoping to reproduce it and sell framed copies to current and toner residents. He thinks that it the market is good he can sell 400 copies of the elegant version at $125 each. It the market is not good, he will sell only 300 at $90 each. He can make a deluxe version of the same drawing instead. He feels that itthe market is good he can sell 500 copies of the deluxe version at $100 each. lithe market is not good. he will sell only 400 copies at $70 each. In either case, production costs will be approximately $35,000. He can also choose to do nothing atthis time. If he believes there is a 50% probability of a good market, what should he do? 0 A. Make the deluxe version 0 B. Nothing 0 C. Make the elegant version
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