risk neutral and plans using expected value approach. ii. a risk lover iii. if your sister planned based on your answer to (a) above , what is the average level of risk (i.e standard deviation) in terms of number of balls of akara not served or not demanded?

risk neutral and plans using expected value approach. ii. a risk lover iii. if your sister planned based on your answer to (a) above , what is the average level of risk (i.e standard deviation) in terms of number of balls of akara not served or not demanded?

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter12: Probability

Section12.3: Conditional Probability; Independent Events; Bayes' Theorem

Problem 27E: Another friend asks you to explain how to tell whether two events are dependent or independent. How...

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Question

100%

Your sister sells akara at eko market. Based on past sales, she is convinced that demand each day could be 200, 250, 300 or 400 of balls of akara. The probability that demand will be 200, 250 or 300 is 0.1, 0.3 and 0.4.
What is the number of balls of akara to send to the market tomorrow if your sister is
i. risk neutral and plans using expected value approach.
ii. a risk lover
iii. if your sister planned based on your answer to (a) above , what is the average level of risk (i.e standard deviation) in terms of number of balls of akara not served or not demanded?

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