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A company is considering the introduction of a new product. The market size for the product can be extremely high or low. If the mar size is extremely high, sales can be high ($1800), medium ($1000), or low ($800). If the market size is low, sales can be high ($800) medium ($600), or low ($250). (a) Make a tree diagram showing all possibilities. Write the amount expected from each outcome. high market size, high sales $ high market size, medium sales $ high market size, low sales $ low market size, high sales $ low market size, medium sales $ low market size, low sales $ (b) Based on your tree diagram, what is the highest amount of money you can get?

A company is considering the introduction of a new product. The market size for the product can be extremely high or low. If the mar size is extremely high, sales can be high ($1800), medium ($1000), or low ($800). If the market size is low, sales can be high ($800) medium ($600), or low ($250). (a) Make a tree diagram showing all possibilities. Write the amount expected from each outcome. high market size, high sales $ high market size, medium sales $ high market size, low sales $ low market size, high sales $ low market size, medium sales $ low market size, low sales $ (b) Based on your tree diagram, what is the highest amount of money you can get?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A company is considering the introduction of a new product. The market size for the product can be extremely high or low. If the market size is extremely high, sales can be high ($1800), medium ($1000), or low ($800). If the market size is low, sales can be high ($800), medium ($600), or low ($250). (a) Make a tree diagram showing all possibilities. Write the amount expected from each outcome. high market size, high sales $ high market size, medium sales $ high market size, low sales $ low market size, high sales $ low market size, medium sales $ low market size, low sales $ (b) Based on your tree diagram, what is the highest amount of money you can get? $ Under what conditions can you get this highest amount? high market size, high sales high market size, medium sales high market size, low sales low market size, high sales low market size, medium sales low market size, low sales (c) Based on your tree diagram, what is the lowest amount of money you can get? $ Under what conditions can you get this lowest amount? high market size, high sales high market size, medium sales high market size, low sales low market size, high sales low market size, medium sales low market size, low sales
Transcribed Image Text:A company is considering the introduction of a new product. The market size for the product can be extremely high or low. If the market size is extremely high, sales can be high ($1800), medium ($1000), or low ($800). If the market size is low, sales can be high ($800), medium ($600), or low ($250). (a) Make a tree diagram showing all possibilities. Write the amount expected from each outcome. high market size, high sales $ high market size, medium sales $ high market size, low sales $ low market size, high sales $ low market size, medium sales $ low market size, low sales $ (b) Based on your tree diagram, what is the highest amount of money you can get? $ Under what conditions can you get this highest amount? high market size, high sales high market size, medium sales high market size, low sales low market size, high sales low market size, medium sales low market size, low sales (c) Based on your tree diagram, what is the lowest amount of money you can get? $ Under what conditions can you get this lowest amount? high market size, high sales high market size, medium sales high market size, low sales low market size, high sales low market size, medium sales low market size, low sales
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