The national sales manager for "I colored this" (ICT) T-shirts provides all salespersons with the payoff table shown next,giving the estimated profit when a retailer purchases from one to four dozen T-shirts. The probability of demand for each state of nature is also shown. 
What is the expected payoff for purchasing four dozen T-shirts?
Definitions:
Null Hypothesis
A hypothesis that there is no significant difference or effect, used as a starting assumption in statistical testing.
Number of Groups
Refers to the total distinct categories or assemblies into which data or subjects are sorted for analysis in a study.
Number of Groups
Refers to the count of distinct categories or clusters into which the subjects or data points in a study are divided for analysis.
Critical Value
A point on the scale of the test statistic beyond which we reject the null hypothesis.
Q1: If the hypothesis H<sub>0</sub>: β<sub>1</sub> = 0
Q1: A new machine is set or calibrated
Q10: Suppose we test H<sub>0</sub>: π<sub>1</sub> = π<sub>2</sub>
Q16: The manager of Paul's fruit and vegetable
Q19: In 1937 the Eli Lilly family donated
Q22: A researcher is studying the effect of
Q29: What economic variable is most closely associated
Q36: The expected value under conditions of uncertainty
Q47: Firm B produces gadgets. The price of
Q84: A collection of data recorded over a