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Gas Company a Payoff Table for an Electric Company Is Shown

Question 41

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Gas Company
A payoff table for an electric company is shown below: Gas Company  A payoff table for an electric company is shown below:   The following prior probabilities are assigned to the states of nature: P(s<sub>1</sub>)= 0.3,P(s<sub>2</sub>)= 0.7. ​ ​ -{Gas Company Narrative} Calculate the expected opportunity loss for each act with present information.What decision should be made using the EOL criterion? The following prior probabilities are assigned to the states of nature: P(s1)= 0.3,P(s2)= 0.7. ​ ​
-{Gas Company Narrative} Calculate the expected opportunity loss for each act with present information.What decision should be made using the EOL criterion?

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EOL (a1)= (0.3)(0)+ (0.7)(3)= 2.1 EOL (a2)...

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