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Please see attached question. Ch 12-3

Please see attached question. Ch 12-3

Chapter 12 #3
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Economics- 8204426.doc

Chapter 12 #3 a.
Expected profits from option 1=2*.2 +.5*5 +(-1)*.3 = .35 million
Expected profits from option 2=1.5*.25 +1.1*.25 +.8*.25+.6*.25 = 1 million
So option 2 has greater expected...

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