Statistics Solutions

[Solved] The following is a payoff table giving profits for various situations. States of Nature Alternatives A B C Alternative 1 100 120 180 Alternative

Question: The following is a payoff table giving profits for various situations.

States of Nature
Alternatives A B C
Alternative 1 100 120 180
Alternative 2 120 140 120
Alternative 3 200 100 50
Do Nothing 0 0 0

The probabilities for states of nature A, B, and C are 0.3, 0.5, and 0.2, respectively. If a person selected Alternative 1, what would the expected profit be?

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