Question: Given this payoff table: STATE OF NATURE #1 #2 A $120* 20 Alternative B 60 40 10 110 D 90 90 Payoff in $ thousands.

Given this payoff table:

STATE OF NATURE #1 #2 A $120* 20 Alternative B 60 40 10 110 D 90 90

a. Determine the range of P (1) for which each alternative would be best, treating the payoffs as profits.

b. Answer part a treating the payoffs as costs.


STATE OF NATURE #1 #2 A $120* 20 Alternative B 60 40 10 110 D 90 90 "Payoff in $ thousands.

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