Essay
Gas Company
A payoff table for an electric company is shown below: 
The following prior probabilities are assigned to the states of nature: P(s1)= 0.3,P(s2)= 0.7.
-{Gas Company Narrative} Calculate the expected opportunity loss for each act with present information.What decision should be made using the EOL criterion?
Correct Answer:
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EOL (a1)= (0.3)(0)+ (0.7)(3)= 2.1 EOL (a2)...View Answer
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