The new owner of a beauty shop is trying to decide whether to hire one, two, or three beauticians. She estimates that profits next year (in thousands of dollars) will vary with demand for her services, and she has estimated demand in three categories, low, medium, and high.
If she feels the chances of low, medium, and high demand are 50 percent, 20 percent, and 30 percent respectively, what is her expected value of perfect information? 
Definitions:
Local Government
The administration of a particular town, city, county, or district with responsibility for providing services and enforcing regulations at a local level.
Expenditures
The action of spending funds or the amount spent on various items or services, including operational costs, investments, and personal spending.
Education
Education involves the systematic instruction and training provided by schools and universities to impart knowledge, skills, and critical thinking abilities.
Federal Employment
Jobs provided by the federal government, encompassing a wide range of positions, from administrative roles to national defense.
Q3: A company is preparing a bid on
Q17: Which of the following is the most
Q25: The learning curve principle would apply to
Q44: Reliability of an overall system is a
Q44: Which of the following is not a
Q47: The primary difference between seasonality and cycles
Q50: The optimal solutions produced by quantitative techniques
Q51: A job has an 80 percent learning
Q58: Continuous processing is the best way to
Q95: The degree to which a product or