Alternatives 1 and 2 in the Following Payoff Table Represent

question 41

Essay

Alternatives 1 and 2 in the following payoff table represent the two possible manufacturing strategies that the EKA manufacturing company can adopt.The level of demand affects the success of both strategies.The states of nature (S_I)represent the levels of demand for the company products.s₁,s₂,and s₃ characterize high,medium,and low demand,respectively.The payoff values are in thousands of dollars. The management believes that weather conditions significantly affect the level of demand.48 monthly sales reports are randomly selected.These monthly sales reports show 15 months with high demand,28 months with medium demand,and 5 months with low demand.12 of the 15 months with high demand had favorable weather conditions.14 of the 28 months with medium demand had favorable weather conditions.Only 1 of the 5 months with low demand had favorable weather conditions.What is the probability that weather conditions are poor,given that the demand is high? What is the probability that weather conditions are poor,given that the demand is medium? What is the probability that weather conditions are poor,given that the demand is low?

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Definitions:

Reproductive Potential

The biological capability of an individual or species to produce offspring, contributing to the genetic diversity of a population.

Erotic Plasticity

The degree to which an individual's sex drive can be changed by social, environmental, and situational factors.

Fraternal Birth-Order Effect

The observation that a man is more likely to be homosexual the more older brothers he has from the same mother.

Older Brothers

Typically refers to male siblings who are born before other children in a family, often associated with roles of protection, mentorship, and influence in the sibling relationship.