Assignment:
Jonatan Jelen is considering opening a bicycle shop in New York City. Jonatan enjoys biking, but this is to be a business endeavor from which he expects to make a living. He can open a small shop, a large shop, or no shop at all. Because there will be a 5-year lease on the building that Jonatan is thinking about using, he wants to make sure he makes the correct decision. Jonatan is also thinking about hiring his old marketing professor to conduct a marketing research study to see if there is a market for his services. The results of such a study could be either favorable or unfavorable. Develop a decision tree for Jonatan.
Provide complete and step by step solution for the question and show calculations and use formulas.