iii. What is the probability that the market research report will be unfavorable?iv. Decision tree leading to market study/ prediction of favorable condition.v. Decision tree leading to market study/ prediction of unfavorable condition.vi. The decision tree incorporating the 2 conditions. The Gorman Manufacturing Company must decide whether to manufacture a componentpart at its Milan, Michigan, plant or purchase the component part from a supplier. Theresulting profit is dependent upon the demand for the product. The following payoff tableshows the projected profit (in thousands of dollars).State of NatureLowMediumHighDecision Alternative Demand 81 Demand $2 Demand S3Manufacture, di-2040100104570Purchase, d2The state-of-nature probabilities are P(81) = .35, P(s2) = .35 , and P(s3) = .30.c. A test market study of the potential demand for the product is expected to report eithera favorable (F) or unfavorable ( U) condition. The relevant conditional probabilities are asfollows:P(F\s1) = .10P(F|s2) = .40P(F|83) = .60P(U|s1) = .90P(U|s2) = .60P(U|s3) = .40

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Description: iii. What is the probability that the market research report will be unfavorable?iv. Decision tree leading to market study/ prediction of favorable condition.v. Decision tree leading to market study/ prediction of unfavorable condition.vi. The decis

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c. A test market study of the potential demand for the product is expected to report either a favorable (F) or unfavorable ( U) condition. The relevant conditional probabilities are as follows:

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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