Please do not give solution in image format thanku b. What is the key decision Emily faces?The key decision facing Emily is whether toA. take the 15% chance of $50,000 or the 85% chance of $90,000.B. take the definite $50,000 or the 85% chance of $90,000.O C. take the $50,000 or the $90,000.O D. accept any offer at all.The expected value of the $50,000 job is $The expected value of the $90,000 job is $(Enter your response as a whole number.)(Enter your response as a whole number.) Emily Watkins, a recent college graduate, faces some tough choices. Emily must decide whether to accept an offer for a job that pays $50,000 or hold out foranother job that pays $90,000 a year. Emily thinks there is a 85% chance that she will get an offer for the higher-paying job. The problem is that Emily has tomake a decision on the lower-paying job within the next few days, and she will not know about the higher-paying job for two weeks.

The expected value is used to determine the average outcome or result of a particular decision or…

Answered: b. What is the key decision Emily…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section9.2: Elements Of Decision Analysis

Problem 3P

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