The following is a payoff table giving profits for various situations. States of Nature

Question: 1 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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The following is a payoff table giving profits for various situations. States of Nature

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