Sporting Goods Store
A payoff table for a clothing store is shown below. 
The following prior probabilities are assigned to the states of nature: P(s1)= 0.2,P(s2)= 0.6,and P(s3)= 0.2.
-{Sporting Goods Store Narrative} Determine the EMV decision.
Definitions:
Market Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers over a period of time.
Nonprice Competition
A marketing strategy where companies differentiate their products or services based on attributes other than price, such as quality, design, or brand reputation.
Pure Competition
A market structure characterized by a large number of sellers offering standardized products or services, with no single seller able to influence price or market conditions.
Standardized Product
Goods or services that are uniform in quality and specifications across all producers and marketplaces.
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