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The following is the payoff matrix for two alternate plans. Assume the probability of the market being receptive is known to be 0 . 7
The following is the payoff matrix for two alternate plans. Assume the probability of the market being receptive is known to be thus probability of the market being unfavorable is
Decision Alternatives Market Receptive S Market Unfavorable S
Plan a $ $
Plan b $ $
At what probabilities of states of nature S
and S
would the Expected Monetary value of Plan b EMV Plan b $
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