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e best, treating the payoffs as profits. (R

e best, treating the payoffs as profits. (R

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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Problem 5S-19 Given this payoff table: Alternative ABCD Never ABCD ABCD *Payoff in $ thousands. a. Determine the range of P(1) for which each alternative would be best, treating the payoffs as profits. (Round your answers to 3 decimal places. Include the indifference point itself.) Never 0. STATE OF NATURE # 1 $ 120* 60 10 90 ▼ 0 ≤ P(1) S 0 ≤ P(1) ≤ ≤ P(1) S # 2 20 40 110 90 b. Answer part a treating the payoffs as costs. (Round your answers to 3 decimal places. Include the indifference point itself.) < P(1) S < P (1) S ≤ P(1) S 1.00 0.2 0.7 1.00
Transcribed Image Text:Problem 5S-19 Given this payoff table: Alternative ABCD Never ABCD ABCD *Payoff in $ thousands. a. Determine the range of P(1) for which each alternative would be best, treating the payoffs as profits. (Round your answers to 3 decimal places. Include the indifference point itself.) Never 0. STATE OF NATURE # 1 $ 120* 60 10 90 ▼ 0 ≤ P(1) S 0 ≤ P(1) ≤ ≤ P(1) S # 2 20 40 110 90 b. Answer part a treating the payoffs as costs. (Round your answers to 3 decimal places. Include the indifference point itself.) < P(1) S < P (1) S ≤ P(1) S 1.00 0.2 0.7 1.00
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