A company wants to add a new product to its existing line of products.There are two similar candidate products,A and B.The demand for the new product could be high,medium,or low,with probabilities of .25,.5,and .25,respectively.The demand and the corresponding profit for each product are shown below.
Definitions:
Board of Directors
A group of individuals elected to represent shareholders and make major decisions regarding the company's management, operations, and financial policy.
Business Judgment Rule
A legal principle that protects company directors and officers from liability for decisions made in good faith and in the company's best interest.
Insider Trading
The illegal practice of trading on the stock exchange to one's own advantage through having access to confidential information.
Binding Arbitration
A legal process where a dispute is resolved by an impartial third party, whose decision is final and binding.
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