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    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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    https://brainmass.com/statistics/probability/determining-probability-156630

    Solution Summary

    Referring to the table above, if the probability of S1 is 0.5, then the expected monetary value (EMV) of A1 is:

    $2.49

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