Nick has plans to open some pizza restaurants, but he is not sure how many to open.He has prepared a payoff table (values are in thousands of dollars) to help analyzethe situation.State of NatureFair Market Poor MarketDecihion AlternativeGood MarketOpen 1Open 2bo Nothing1982616237887-280P(Good market) 0.35; P(Fair market) = 0.45; P(Poor market) = 0.2.What is the opportunity loss (or regret) of Open 1 alternative and Good market?$162,000O $180,000None of the answers provided is correct$0

Here we will make Regret table from given table

Answered: Nick has plans to open some pizza…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Premise: Price controls (price floor/ceiling) create black markets. 1. Do you agree with this stance? Why? 2. Do black markets affect GDP? Explain your answers with good economic basis.
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Another issue to research when purchasing ahome is that of points and mortgage interestrates. Usually paying higher points results in alower mortgage interest rate. The question forthe homebuyer is: Should I pay higher points fora lower mortgage interest rate, or pay lowerpoints for a higher mortgage interest rate? Theanswer to that question depends on manyfactors, one of which is the amount of time thehomeowner plans on staying in the home.Consider two typical situations for a 30-year,$100,000 mortgage. Option 1 offers an annualmortgage interest rate of 8.25% and a loanorigination fee of 3.5 points. Option 2 offers anannual interest rate of 8% and a loan originationfee of 4points. What is the total amount paid, including points, after 3 years for each option? ( Round your answers to the nearesr cent.) Option 1:Option 2:
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Two students in a microeconomics class traveled to a football game just before the midterm and drank too much to be able to study. So they telephoned their professor and lied to him, saying that a flat tire had delayed them. "No problem," said the professor. "Take the test tomorrow." When they arrived, the professor put each student in a separate room for taking the test. The first question, worth 5 points, was easy. The second question was worth 95 points: "Which tire?" Calculate, for each student, the expected test score.
Please explain both part of the question! DO NOT USE EXCEL!
1. A student is planning to spend her saving to get a new iPhone which costs $2500. The store gives a regular discount of 15% from the original price. However, if she buys the phone within that month, she is entitled an additional discount of 5% on top of the regular discount. (a) Find the selling price of the phone with regular discount. (b) Find the selling price with an additional discount, the student will pay if she buys the phone within that month.
3

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