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A sample of five full service gasoline stations, each carrying three grades of gasoline, was taken and the price per liter (to the nearest cent) was recorded for each grade of gasoline, as shown in the table below. What is the mean price of Unleaded gas? _______.
States of Nature
Possible scenarios or outcomes in decision theory, which are not under the control of the decision-maker.
Payoffs
The outcome or benefit received from a decision or action, often used in the context of games or economic transactions.
Decision Alternative
An available option or course of action that can be taken in a decision-making process.
Expected Monetary Value
A calculation used in decision-making to determine the average outcome when the future includes scenarios that may or may not happen.
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