Question: For the probabilities of Exercise 7 and the cost matrix of Exercise 3, using the expected values you found in Exercise 7, compute the standard

For the probabilities of Exercise 7 and the cost matrix of Exercise 3, using the expected values you found in Exercise 7, compute the standard deviation of values associated with each action and the corresponding coefficient of variation.

In exercise

Suppose P(Recession) = 0.2, P(Stable) = 0.2, and P(Expansion) = 0.6. What is the expected value of each action?

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