## (Solved) 18A) A manager has asked his advisory board members to assign probabilities to the likely price a competing firm will set its prices at. Based on...

18A) A manager has asked his advisory board members to assign probabilities to the likely price a competing firm will set its prices at. Based on this, the following table is produced: Price \$1.50 \$1.60 \$1.70 \$1.80 \$1.90 Probability 0.23 0.28 0.20 0.23 0.06 Using the expected value of the random variable, price, what is the expected price the competitor will charge? (a) \$1.60 (b) \$1.66 (c) \$1.70 (d) \$1.76
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