(See Solution) The dean of the School of Business at Northern Connecticut State University has been approached by a government agency in Hunan Province, China,
Question: The dean of the School of Business at Northern Connecticut State University has been approached by a government agency in Hunan Province, China, to provide MBA training to a group of 30 midlevel officials. The dean is considering submitting a bid of $225,000, $250,000, or $300,000 for providing this program. If the bid is $225,000, the dean estimates there is a 90% chance that the school will get the contract. This probability decreases to .60 if the bid is $250,000 and .20 if the bid is $300,000.
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