Determining the probability of S1
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States A1 A2 A3
1 12 -2 8
2 4 10 5
Where; S1 is State of Nature 1, A1 is Action Alternative 1
S2 is State of Nature 2, A2 is Action Alternative 2
A3 is Action Alternative 3
Referring to the table above, if the probability of S1 is 0.5, then the expected monetary value (EMV) of A1 is:
a) 3
b) 4
c) 6.5
d) 8
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Solution Summary
Referring to the table above, if the probability of S1 is 0.5, then the expected monetary value (EMV) of A1 is:
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