(Solved): A.13_Deborah Hollwager, a concessionaire for the Amway Center in Orlando, has developed a tab ...

•• A.13_Deborah Hollwager, a concessionaire for the Amway Center in Orlando, has developed a table of conditional values for the various alternatives (stocking decisions) and states of nature (size of crowd): ALTERNATIVES Large inventory Average inventory Small inventory STATES OF NATURE (SIZE OF CROWD) LARGE AVERAGE SMALL $20,000 $10,000 -$2,000 $15,000 $12,000 $6,000 $ 9,000 $ 6,000 $5,000 If the probabilities associated with the states of nature are 0.3 for a large crowd, 0.5 for an average crowd, and 0.2 for a small crowd, determine: a) The alternative that provides the greatest expected monetary value (EMV). b) The expected value of perfect information (EVPI). Px

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