1. What are the expected value and the standard deviation of the probability distribution? (10%) -2 0.15 1 0.25 3 0.3 4 0. 0.2 5 2. Steve Goodman, production foreman for the Florida Gold Fruit Company, estimates that the average sale of oranges is 42,000 and the standard deviation is 4000 oranges. Sales follow a normal distribution. (1096) a) What is the probability that sales will be greater than 48,000 oranges? b) What is the probability that sales will be less than 43,000 oranges? c) What is the probability that sales will be between 40,000 and 49,000 oranges? 3. A concessionaire for the local ball park has developed a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd): (25%) STATES OF NATURE (size of crowd) Alternatives Large Inv. Average Inv. Small Inv. Large Average Small $20,000 $12,000 $15,000 $10,000 $2,000 S6,000 8,000 $5,000 s 9,000 If the probabilities associated with the states of nature are 0.25 for a large crowd, 0.45 for an average crowd, and 0.30 for a small crowd, determine: a. the alternative that provides the greatest expected monetary value (EMV). b. the expected value of perfect information (EVPI) c. the opportunity loss table. d. expected opportunity losses (EOL)