Video Business a High School Student,who Started Doing Videos as a as a Hobby,is

question 3

Essay

Video Business
A high school student,who started doing videos as a hobby,is considering going into the videography business.The anticipated payoff table is: The following prior probabilities are assigned to the states of nature: P(poor)= 0.4,P(fair)= 0.4,and P(super)= 0.2. ​ ​
-{Video Business Narrative} Calculate the expected opportunity loss for each act with present information.What decision should be made using the EOL criterion?

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Definitions:

Consumers

Individuals or groups that purchase goods or services for personal use and not for manufacture or resale.

Commercial Ventures

Business projects or enterprises initiated with the intent to make a profit, often by meeting consumer needs or offering innovative products.

User Trends

Patterns or changes in consumer behavior, often analyzed within digital platforms to understand preferences, usage, and engagement over time.

LGBTQ Community

refers to the collective of individuals who identify as lesbian, gay, bisexual, transgender, queer, or questioning, along with their allies.