A Concessionaire for the Local Ballpark Has Developed a Table

Essay

A concessionaire for the local ballpark has developed a table of conditional values for the various alternatives (stocking decision)and states of nature (size of crowd). If the probabilities associated with the states of nature are 0.30 for a large crowd,0.50 for an average crowd,and 0.20 for a small crowd,determine:
(a)the opportunity loss table.
(b)minimum expected opportunity loss (EOL).