Construct a decision tree to help analyze this problem. What should the medical professionals do?

| April 22, 2014

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A group of medical professionals is considering the
construction of a private clinic. If the medical demand is high (i.e., there is a favorable market for the
clinic), the physicians could realize a net profit of
$100,000. If the market is not favorable, they could
lose $40,000. Of course, they don%u2019t have to proceed
at all, in which case there is no cost. In the absence
of any market data, the best the physicians can guess
is that there is a 50%u201350 chance the clinic will be successful. Construct a decision tree to help analyze this
problem. What should the medical professionals do?
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2018DISC
Expected Value
Why can’t Canadians compete with lower labour cost countries such as India and China?

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Category: Economics

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