just needwork shown. :) 5. A concessionaire for the local ballpark has developed a table of conditional values forthe various alternatives (stocking decision) and states of nature (size of crowd).States of Nature(size of crowd)LargeAverage Small$22,000 $12,000 - $2,000AlternativesLarge InventoryAverage Inventory $15,000 $12,000Small Inventory$6,000$ 9,000 $ 6,000 $5,000If the probabilities associated with the states of nature are 0.30 for a large crowd, 0.50for an average crowd, and 0.20 for a small crowd, determine:(a) the opportunity loss table.States of NatureLarge AverageAlternativesSmall8,000LargeAverageSmall7,00013,0006,0001,000 ANSWER (b) minimum expected opportunity loss (EOL).minimum EOL = $1,600

One way to maximize expected monetary value is to minimize expected opportunity loss(EOL). Expected…

5. A concessionaire for the local ballpark has developed a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd). States of Nature (size of crowd) Large Alternatives Large Inventory | Average | Small $22,000 S12,000 | - $2,000 |Average Inventory | S15,000 $12,000 $6,000 |Small Inventory $ 9,000 | S 6,000 $5,000 If the probabilities associated with the states of nature are 0.30 for a large crowd, 0.50 for an average crowd, and 0.20 for a small crowd, determine: (a) the opportunity loss table.

5. A concessionaire for the local ballpark has developed a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd). States of Nature (size of crowd) Large Alternatives Large Inventory | Average | Small $22,000 S12,000 | - $2,000 |Average Inventory | S15,000 $12,000 $6,000 |Small Inventory $ 9,000 | S 6,000 $5,000 If the probabilities associated with the states of nature are 0.30 for a large crowd, 0.50 for an average crowd, and 0.20 for a small crowd, determine: (a) the opportunity loss table.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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