Question # 23 A): John Bowen is deciding whether or not to build a small facility. Demand is uncertain and can be either at a high or low level. If John chooses a small facility and demand is low, the payoff is $300. If John chooses a small facility and the demand is high, the payoff is $100. On the other hand, if John chooses a large facility and demand is low, the payoff is $200, but if demand is high, the payoff is $800. Question * 23 B) : Six thousand students are admitted each year at a large regional university. The average time to complete a degree is four years and the university's retention rate initiative achieves 100% (no students drop out or transfer). What is the student population? (Hint: find L)