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Probability Theory – Tea Time
Please help with the following problem
Tea Time is considering selling juices along with its other
products
States of Nature
High Sales Med Sales Low
Sales
A(02) B(05) C(03)
3000 2000 -6000
0 0 0
A1 (sell
juices)
A2 (don’t
sell juices)
The probabilities shown above represent the states of nature
and the decision maker’s (eg, manager) degree of uncertainties and personal
judgment on the occurrence of each state What is the expected payoff for
actions A1 and A2 above? What would be your recommendation? Interpret the
results based on practical considerations
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