kindly answer b c d as per the guidelines, pls answer it manually thanks! The Montemar...Company is going to introduce one of three new products: a widget, ahummer, or a Nimnot. The market conditions (favorable, stable, or unfavorable) willdetermine the profit or loss the company realizes, as shown in the following payoff table:ProductWidgetHummerNimnotFavorable (0.20)$120,00060,00035,000Market ConditionsStable (0.70)$70,00040,00030,000Unfavorable (0.10)($30,000)20,00030,000a) Draw the decision tree.b) Compute the expected value for each decision and select the best one.c) Develop the opportunity loss table and compute the expected opportunity loss or eachproduct.d) Determine how much the firm would be willing to pay to a market research firm togain better information about future market condition.

Decision-making is a process of selecting from among various alternatives. It is the process of…

Answered: C a) Draw the decision tree. b) Compute…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section9.3: Single-stage Decision Problems

Problem 5P

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