For this assignment you are required to complete

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profit consequences of the advice.For this assignment, you are required to complete Individual Problems17-2 and 17-6 at the end of Chapter 17 in Managerial Economics: A Problem Solving Approach. In addition, you are required to complete Group Problem G17-1: Uncertainty. As you are evaluating your current company, address the following decisions in your response (500-750 words):1What environmental factors and risks must be considered in the company's decision-making process?2Evaluate costs factors influencing the company's decision.3Determine strategies that would provide value to the outcome your company is seeking relating to this decision.Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.You are required to submit this assignment to Turnitin. Please refer tothe directions in the Student Success Center. In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable?You should play the game because there is a 50% chance of winning the $1 milliondollars also, a 50% chance of losing $500,000. ($1,000,000*0.5 = 500,000).(0.5*$1,000,000 + 0.5*-$500,000) = $250,000
This problem can also be examine another way It costs $1 million to play; if you areright, you win $2 million, if you are wrong, you win $500,000. Expected value of playingis $1 million (0.5*2000000 + 0.5*500000)= $1,250,000 which is higher than the cost ofplaying The minimum probability of a guess to make playing still profitable is 33.3%.$1,000,000(x) + (-$500,000)(1-x) = 0$1,000,000x -$500,000 + $500,000x = 0$1,500,000x = $500,000X = ($500,000/$1,500,000)X = 1/3 = 33.3%

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