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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 analyze the situation. State of Nature Decision Alternativeood Market Kopen 1 Open 2 bo Nothing Fair Market Poor Market 198 162 378 87 280 P(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? $162,000 O $180,000 None of the answers provided is correct $0

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 analyze the situation. State of Nature Decision Alternativeood Market Kopen 1 Open 2 bo Nothing Fair Market Poor Market 198 162 378 87 280 P(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? $162,000 O $180,000 None of the answers provided is correct $0

A First Course in Probability (10th Edition)
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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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 analyze the situation. State of Nature Fair Market Poor Market Decihion AlternativeGood Market Open 1 Open 2 bo Nothing 198 26 162 378 87 -280 P(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? $162,000 O $180,000 None of the answers provided is correct $0
Transcribed Image Text: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 analyze the situation. State of Nature Fair Market Poor Market Decihion AlternativeGood Market Open 1 Open 2 bo Nothing 198 26 162 378 87 -280 P(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? $162,000 O $180,000 None of the answers provided is correct $0
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