Nick has plans to open some pizza restaurants, but he is not sure how many to...

 

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Nick has plans to open some pizza restaurants, but he is not sure how many to open He has prepared a payoff table to help analyze the situation. States of Nature Poor Market Alternatives Good Fair Market Market Open 1 Open 2 Do Nothing 380,000 200,000 70,000 - 400,000 80,000 - 200,000 As Nick does not know how his product will be received, he assumes that all three states of nature are equaily likely to occur If he uses the equally likely criterion, what decision would he make? Open 1 Open 2 Good market Fair market Do nothing Nick has plans to open some pizza restaurants, but he is not sure how many to open He has prepared a payoff table to help analyze the situation. States of Nature Poor Market Alternatives Good Fair Market Market Open 1 Open 2 Do Nothing 380,000 200,000 70,000 - 400,000 80,000 - 200,000 As Nick does not know how his product will be received, he assumes that all three states of nature are equaily likely to occur If he uses the equally likely criterion, what decision would he make? Open 1 Open 2 Good market Fair market Do nothing

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state of Nature Crood Masket Alternative fair Market Poor Marke... View the full answer