b) Johnson is an estate agent and he has been asked by his client to sell for him three productsA,B and C.He agrees to pay him 5% commission on each sale and specifies certainconditions: the state agent must sell property A first within 60 days. If and when A is sold,the agent receives a commision on that sale. He can then either back out at this stage ornominate and try to sell one of the remaining two properties within 60 days. If he does notsucceed in selling the nominated property at that period,he is not given the opportunity to sellthe other. If he does sell it in that period, he is given the opportunity to sell the third propertyon the same conditions. The following table summarises the prices, selling costs (incurred bythe sales agent whenever a sale is made) and the estate agent's estimated probability ofmaking a sale.Propertyi.ii.ABprice of property12,000C25,00050,000selling costs probability of sale4002250.7(0.60.5450Draw up an appropriate decision tree for the state agentWhat is th estate agents best strategy under EMV approach?

Answered: Image /qna-images/answer/a6a87e48-2478-40fb-a16e-d59f3cd1f782.jpg

Answered: Johnson is an estate agent and he has…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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