Essay
Food Market
The following table displays the payoffs (in thousands of dollars)for five different decision alternatives under three possible states of nature for a new food market: 
The prior probabilities of the states of nature are: P(s1)= 0.2,P(s2)= 0.3,and P(s3)= 0.5.
-{Food Market 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)= (0.2)(0)+ (0.3)(5)+ (0.5)(90)= ...View Answer
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