Solve the problem. Assume that probabilities are representative of the best strategies. Round to two decimal places, if necessary.A company has three different marketing strategies that produce different results depending upon whether inflation is above 6%, between 3% and 6% inclusive, or below 3% annually. Three different experts predict inflation for the next year, but cannot agree. The company's board of directors has three plans of action and will implement one of these. Since the situation has repeated itself for several years, they decide to use game theory to assign probabilities and use these probabilities in making their decision. What is the expected value? The payoff matrix below is in hundred of thousands of dollars.
src="https://sciemce.com/media/4/ppg__tttt0626190834__f1q169g1.jpg" style="vertical-align: -32.0px;" />
A. 10.18
B. 49
C. 45
D. 15.54
Answer: D
Mathematics
src="https://sciemce.com/media/4/ppg__tttt0626190834__f1q169g1.jpg" style="vertical-align: -32.0px;" />
A. 10.18
B. 49
C. 45
D. 15.54
Answer: D
Mathematics
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