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{"ops":[{"insert":"An investor has a certain amount of money available to invest now. Three alternative investments\u00a0\nare available. The estimated profit in Kwacha of each investment under each economic condition\u00a0\nare indicated in the following payoff table:\u00a0\nEvent\u00a0Investment Selection\u00a0\nA B C\u00a0\nEconomy declines 500 -2000 -7000\u00a0\nNo charge 1000 2000 -1000\u00a0\nEconomy Expand 2000 5000 20,000\u00a0\nBased on his own past experience, the investor assigns the following probabilities to each\u00a0\neconomic condition:\u00a0\n( ) ( ) ( ) Economy declines 0.30 No change 0.50 Economy expands 0.20\nP\nP\nP\n=\n=\n=\u00a0\ni.\u00a0\nDetermine the optimal action based on the maximax criterion\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nii.\u00a0\nDetermine the optimal action based on the maximin criterion\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\niii.\u00a0\nCompute the expected monetary value (EMV) for each investment\u00a0\u00a0\u00a0\u00a0\n\n"}]}

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