A bakery makes fresh donuts every morning.If any are left at the end of the day they are donated to a homeless shelter.The number of donuts that can be sold each day is uncertain and the bakery must decide early each morning,how many donuts to make that day.The bakery has created the following payoff table to summarize the situation. 
It estimates the following probabilities for the respective levels of demand. 
If on a given day the bakery knew in advance that demand was going to be high,then the payoff that day would be 350.
Definitions:
Income Response
The change in consumers' buying behavior resulting from a change in their income.
Price Elasticity
A measure of how much the demand for a product or service changes in response to a change in its price, indicating its sensitivity or responsiveness.
Arc Elasticity
A measure of a variable's sensitivity or responsiveness to changes in another variable, calculated over a specific range or 'arc'.
Price of Oranges
The cost at which oranges are sold or bought in the market.
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