One of the decision alternatives you are evaluating will be affected by the national
unemployment rate. If the rate is below 6 percent (p=.2), the expected payoff is $200,000. If
the rate is between 6 and 7 percent (p=.3), the expected payoff is $150,000. If
unemployment is above 7 percent (p=.5), the expected payoff is a loss of $100,000. What
is the expected value of the alternative?
a. $35,000
b. $250,000
c. $83,333
d. $135,000
e. Need more information to compute the expected value
A
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