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Hobby Shop a Payoff Table and the Prior Probabilities for Two

Question 56

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Hobby Shop
A payoff table and the prior probabilities for two states of nature for a Hobby Shop are shown below: Payoff Table: Hobby Shop A payoff table and the prior probabilities for two states of nature for a Hobby Shop are shown below: Payoff Table: Prior Probabilities: P(s<sub>1</sub>)= 0.4,and P(s<sub>2</sub>)= 0.6. ​ ​ -{Hobby Shop Narrative} Determine the EMV decision. Prior Probabilities: P(s1)= 0.4,and P(s2)= 0.6. ​ ​
-{Hobby Shop Narrative} Determine the EMV decision.

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EMV (a1)= (0.4)(20)+ (0.6)(32)=...

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