The Concessionaire for Carnegie Hall Has Developed a Table of Conditional

question 65

Essay

The concessionaire for Carnegie Hall has developed a table of conditional values for the various alternatives (stocking decision)and states of nature (size of crowd).
The concessionaire has no idea what sort of crowd might materialize - it has been decades since the Del Aires last performed together, but there has been a resurgence in interest thanks to a re-release of the classic movie Horror of Party Beach.Determine:
(a)the opportunity loss table.
(b)minimum expected opportunity loss (EOL).

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Definitions:

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