Question: PLEASE USE EXCEL A paint company has three sources for buying bright red pigment for their paints: Vietnam, Taiwan, or Thailand. Unfortunately, the pigment is

PLEASE USE EXCEL

A paint company has three sources for buying bright red pigment for their paints: Vietnam, Taiwan, or Thailand. Unfortunately, the pigment is made from a bush whose annual growth is heavily dependent upon the amount of rainfall during the growing season. The tables below show probabilities and prices for wet, dry and normal growing seasons:

Probabilities

Wet Dry Normal

Vietnam .5 .2 .3

Taiwan .6 .3 .1

Thailand .4 .4 .2

Price/Pound ($)

Wet Dry Normal

Vietnam .95 1.10 1.00

Taiwan .85 1.20 .98

Thailand .90 1.15 1.05

What country should the company select and what is the expected value (price) associated with it?

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