Question: Consider the following decision table, which Dinesh Dave has developed for Appalacian Enterprises: Which decision alternative maximizes the expected value of thepayoff? States of Nature

Consider the following decision table, which Dinesh Dave has developed for Appalacian Enterprises:

States of Nature .20 Low Medium High $100 $60 $ 70 $


Which decision alternative maximizes the expected value of thepayoff?

States of Nature .20 Low Medium High $100 $60 $ 70 $ 75 65 Decision Alternatives Probability:.40 40 $40 $85 $60 $65 $70 $60 $70 $70 $70 $80

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