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Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various atematives (stocking decision) and states of nature (size of crowd) States of Nature (demand) Average $14.000 $9.000 $8.000 Big $18,000 $12.000 $9.000 The EMV of this decision is enter your answer as a whole number) 8) The expected value of perfect information (EVP) for Andrew Thomas your Alternatives Large Stock Average Stock Smal Stock The probabilities associated with the states of nature are 0.30 for a big demand, 0.45 for an average demand, and 0.25 for a uma demand a) The armative that provides Andrew Thomas the greatest expected monetary value (MV) Small -$1,500 $5,500 $4,800 Average Stock Smal Stock

Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various atematives (stocking decision) and states of nature (size of crowd) States of Nature (demand) Average $14.000 $9.000 $8.000 Big $18,000 $12.000 $9.000 The EMV of this decision is enter your answer as a whole number) 8) The expected value of perfect information (EVP) for Andrew Thomas your Alternatives Large Stock Average Stock Smal Stock The probabilities associated with the states of nature are 0.30 for a big demand, 0.45 for an average demand, and 0.25 for a uma demand a) The armative that provides Andrew Thomas the greatest expected monetary value (MV) Small -$1,500 $5,500 $4,800 Average Stock Smal Stock

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various alternatives (stocking decision) and states Of nature (size Of crowd )

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Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various atematives (stocking decision) and states of nature (size of crowd) States of Nature (demand) Average $14,000 $9.000 $6,000 The probabies associated with the states of nature are 0.30 for a big demand, 0.45 for an average demand, and 0:25 for a small demand a) The armative that provides Andrew Thomas the greatest expected monetary valus (MV) The EMV of this decision is enter your answer as a whole number) Alternatives Large Stock Average Stock Smal Stock Big $18,000 $12.000 $9.000 Average Stock Smal Stock Large Stock Small -$1,500 $5.500 $4,800
Transcribed Image Text:Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various atematives (stocking decision) and states of nature (size of crowd) States of Nature (demand) Average $14,000 $9.000 $6,000 The probabies associated with the states of nature are 0.30 for a big demand, 0.45 for an average demand, and 0:25 for a small demand a) The armative that provides Andrew Thomas the greatest expected monetary valus (MV) The EMV of this decision is enter your answer as a whole number) Alternatives Large Stock Average Stock Smal Stock Big $18,000 $12.000 $9.000 Average Stock Smal Stock Large Stock Small -$1,500 $5.500 $4,800
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