Compute value of p based on the expected values
Explain if p is the probability of Event 1 and (1-p) is the probability of Event 2 based on the expected returns for what values of p would you choose A, B, C. Values in the table are payoffs
|
Choice/Event
|
Event 1
|
Event 2
|
|
A
|
0
|
20
|
|
B
|
4
|
16
|
|
C
|
8
|
0
|