Julie is planning to open a restaurant and is considering two possible locations.She has estimated the payoff for each location for each of three different possible levels of restaurant popularity (state of nature)as shown below. Suppose that Julie estimates the following probabilities for each level of restaurant popularity. The expected value of Location 1 is 120.

Question

Julie is planning to open a restaurant and is considering two possible locations.She has estimated the payoff for each location for each of three different possible levels of restaurant popularity (state of nature)as shown below.  Suppose that Julie estimates the following probabilities for each level of restaurant popularity.  The expected value of Location 1 is 120.

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The Answer of Julie is planning to open a restaurant and is considering two possible locations.She has estimated the payoff for each location for each of three different possible levels of restaurant popularity (state of nature)as shown below.  Suppose that Julie estimates the following probabilities for each level of restaurant popularity.  The expected value of Location 1 is 120.

Julie Is Planning to Open a Restaurant and Is Considering