the following payoff table, the probability of event 1 is 0.8, the probability of event 2 is 0.1, and the probability of event 3 is 0.1   ACTION ACTION EVENT A ($) B ($) 1 50 10 2 300 100 3 500 200 a. Compute the Expected Monetary Value (EMV)for action B

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For the following payoff table,

the probability of event 1 is 0.8,

the probability of event 2 is 0.1,

and the probability of event 3 is 0.1

 

ACTION

ACTION

EVENT

A ($)

B ($)

1

50

10

2

300

100

3

500

200

a. Compute the Expected Monetary Value (EMV)for action B

b. Compute the Expected Opportunity Loss (EOL) for action B

c. Compute the coefficient of variation for action B

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