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b. What is the key decision Emily faces? The key decision facing Emily is whether to O A. take the 15% chance of $50,000 or the 85% chance of $90,000. OB. take the definite $50,000 or the 85% chance of $90,000. O C. take the $50,000 or the $90,000. OD. accept any offer at all. The expected value of the $50,000 job is $ The expected value of the $90,000 job is $ (Enter your response as a whole number.) (Enter your response as a whole number.)

b. What is the key decision Emily faces? The key decision facing Emily is whether to O A. take the 15% chance of $50,000 or the 85% chance of $90,000. OB. take the definite $50,000 or the 85% chance of $90,000. O C. take the $50,000 or the $90,000. OD. accept any offer at all. The expected value of the $50,000 job is $ The expected value of the $90,000 job is $ (Enter your response as a whole number.) (Enter your response as a whole number.)

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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b. What is the key decision Emily faces? The key decision facing Emily is whether to A. take the 15% chance of $50,000 or the 85% chance of $90,000. B. take the definite $50,000 or the 85% chance of $90,000. O C. take the $50,000 or the $90,000. O D. accept any offer at all. The expected value of the $50,000 job is $ The expected value of the $90,000 job is $ (Enter your response as a whole number.) (Enter your response as a whole number.)
Transcribed Image Text:b. What is the key decision Emily faces? The key decision facing Emily is whether to A. take the 15% chance of $50,000 or the 85% chance of $90,000. B. take the definite $50,000 or the 85% chance of $90,000. O C. take the $50,000 or the $90,000. O D. accept any offer at all. The expected value of the $50,000 job is $ The expected value of the $90,000 job is $ (Enter your response as a whole number.) (Enter your response as a whole number.)
Emily Watkins, a recent college graduate, faces some tough choices. Emily must decide whether to accept an offer for a job that pays $50,000 or hold out for another job that pays $90,000 a year. Emily thinks there is a 85% chance that she will get an offer for the higher-paying job. The problem is that Emily has to make a decision on the lower-paying job within the next few days, and she will not know about the higher-paying job for two weeks.
Transcribed Image Text:Emily Watkins, a recent college graduate, faces some tough choices. Emily must decide whether to accept an offer for a job that pays $50,000 or hold out for another job that pays $90,000 a year. Emily thinks there is a 85% chance that she will get an offer for the higher-paying job. The problem is that Emily has to make a decision on the lower-paying job within the next few days, and she will not know about the higher-paying job for two weeks.
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