Just need work 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).AlternativesLarge InventoryAverage Inventory | $15,000 $12,000Small InventoryStates of Nature(size of crowd)Average Small$22,000 $12,000 - $2,000$6,000$5,000Large$ 9,000 S 6,000If 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.(b) minimum expected opportunity loss (EOL).

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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) Alternatives Large Inventory Average Small Large $22,000 $12,000 - $2,000 Average Inventory | $15,000 $12,000 $6,000 $ 9,000 $ 6,000 Small Inventory $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. (b) minimum expected opportunity loss (EOL).

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) Alternatives Large Inventory Average Small Large $22,000 $12,000 - $2,000 Average Inventory | $15,000 $12,000 $6,000 $ 9,000 $ 6,000 Small Inventory $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. (b) minimum expected opportunity loss (EOL).

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter19: Pricing Concepts

Section: Chapter Questions

Problem 6DRQ

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