I need help with part c C.For what range of P (1) would alternative A be the best choice if the goal is to maximize expected profit?Choose Alternative A if P(#1) is A manager has compiled estimated profits for various capacity alternatives but is reluctant to assign probabilities to the states ofnature. The payoff table is as follows:STATE OF NATURE#1#2А$ 40*165AlternativeВ14110811561*Profit in $ thousands.Click here for the Excel Data Filea. Is there any alternative that would never be appropriate in terms of maximizing expected profit?O Alternative AAlternative BAlternative CNoneb. For what range of P(2) would alternative A be the best choice if the goal is to maximize expected profit?Answer is complete and correct.Choose Alternative A if P(#2) isgreater than 0.639O O O O

Given - Payoff table: Alternative STATE OF NATURE #1 #2 A 40 165 B 141 108 C 115 61

Answered: C. For what range of P (1) would…

C. For what range of P (1) would alternative A be the best choice if the goal is to maximize expected profit? Choose Alternative A if P(#1) is

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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I need help with part c

C.
For what range of P (1) would alternative A be the best choice if the goal is to maximize expected profit?
Choose Alternative A if P(#1) is

A manager has compiled estimated profits for various capacity alternatives but is reluctant to assign probabilities to the states of
nature. The payoff table is as follows:
STATE OF NATURE
#1
#2
А
$ 40*
165
Alternative
В
141
108
115
61
*Profit in $ thousands.
Click here for the Excel Data File
a. Is there any alternative that would never be appropriate in terms of maximizing expected profit?
O Alternative A
Alternative B
Alternative C
None
b. For what range of P(2) would alternative A be the best choice if the goal is to maximize expected profit?
Answer is complete and correct.
Choose Alternative A if P(#2) is
greater than 0.639
O O O O

Expert Solution

Step 1

Given -

$P a y o f f t a b l e :$

$A l t e r n a t i v e$	$S T A T E O F N A T U R E$
$A l t e r n a t i v e$	$# 1$	$# 2$
$A$	$40$	$165$
$B$	$141$	$108$
$C$	$115$	$61$

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