# A souvenir retailer has an opportunity to establish a new location

Don't use plagiarized sources. Get Your Assignment on
A souvenir retailer has an opportunity to establish a new location
Just from \$13/Page

A souvenir retailer has an opportunity to establish a new location inside a large airport. The annual returns will depend primarily on the size of the space she rents and if the economy will be favorable. The retailer has worked with the airport concession commission, and has projected the following possible annual earnings associated with renting a small, medium, large or very large space: Size Good Economy Fair Economy Poor Economy Small \$70,000 \$28,000 -\$14,000 Medium \$112,000 \$ 42,000 -\$28,000 Large \$ 140,000 \$42,000 -\$56,000 Very Large \$ 420,000 \$35,000 -\$224,000 a) What is the souvenir retailer’s maximax decision? b) What is her maximin decision? c) What is her equally likely decision? d) What is her criterion of realism decision, using? = 0.8? e) What is her minimax decision? Shamrock oil owns a parcel of land that has the potential to be an underground oil field. It will cost \$500,000 to drill for oil. If oil does exist on the land, shamrock will realize a payoff of \$4,000,000 (not including drill cost). With current information, shamrock estimates that there is a 0.2 probability that oil is present on the site. Shamrock also has the option of selling the land as is for \$400,000, without further information about the likelihood of oil being present. A third option is to perform geological test at the site, which would cost \$100,000. There is a 30% chance that the test results will be positive, after which shamrock can sell the land for \$650,000 or drill the land, with a 0.65 probability that oil exists. if the test results are negative, shamrock can sell the land for \$50,000 or drill the land, with a 0.05 probability that oil does exists.  a) Using a decision tree, recommend a course of action for Shamrock Oil.

Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

At Myhomeworkwriters.com, we always aim at 100% customer satisfaction. As such, we never compromise o the quality of our homework services. Our homework helpers ensure that they craft each paper carefully to match the requirements of the instruction form.

With Myhomeworkwriters.com, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.

Affordable Prices

Our company maintains a fair pricing system for all academic writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.

On-Time delivery

My Homework Writers guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.

100% Originality

Myhomeworkwriters.com maintains a zero-plagiarism policy in all papers. As such, My Homework Writers professional academic writers ensure that they use the students’ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.

Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email: support@myhomeworkwriters.com.

Try it now!

## Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
\$0.00

How it works?

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Our Homework Writing Services

My Homework Writers holds a reputation for being a platform that provides high-quality homework writing services. All you need to do is provide us with all the necessary requirements of the paper and wait for quality results.

## Essay Writing Services

At My Homework Writers, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our homework writing service providers are well-versed with all the aspects of developing high-quality and relevant essays.