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(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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