Compute expected costs of the two options, Accounting Basics

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Compute expected costs of the two options

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Q: Leah Johnson, director of Legal Services of Brookline, wants to increase capacity to provide free legal advice but must decide whether to do so by hiring another full-time lawyer or by using part-time lawyers. The table below shows the expected costs of the two options for three possible demand levels:

Alternatives		Statue OF NATURE
Alternatives	Low Demand	Medium Demand	High Demand
Hire full-time Hire part-time Probabilities	$300 $ 0 .2	$500 5350 .5	$ 700 51.000 .3

Using expected value, what should Ms. Johnson do?

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Accounting Basics: Compute expected costs of the two options

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Accounting Basics: Compute expected costs of the two options

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