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Earl Shell owns his own Sno-Cone business and lives 30 miles from a beach resort. The sale of Sno-Cones is highly dependent upon his location and upon the weather. At the resort, he will profit $120 per day in fair weather, $10 per day in bad weather. At home, he will profit $70 in fair weather, $55 in bad weather. Assume that on any particular day, the weather service suggests a 40% chance of foul weather.
(a) Construct Earl's decision tree.
(b) What decision is recommended by the expected value criterion?
Losing Value
A decrease in the worth or market value of an asset over time.
Dollar Bill
A paper currency of the United States valued at one hundred cents.
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