Joseph Biggs owns his own ice cream truck and lives 30 miles from a florida beach resort. The sale of his products is highly dependent on his location and on the weather. At the resort, his profit will be $120 per day in fair weather, $10 per day in bad weather. At home, his profit will be $70 in fair weather and $55 in bad weather. Assume that on any particular day, the weather service suggests a 40% chance of foul weather.A) Construct Joseph's decision tree.B) What decision is recommended by the expected value criterion? NOTE: Please answer it all. Thank you so much. God bless! :))) QUIZ NO. 34. Joseph Biggs owns his own ice cream truck and lives 30 miles from a Floridabeach resort. The sale of his products is highly dependent on his location and onthe weather. At the resort, his profit will be $120 per day in fair weather, $10 perday in bad weather. At home, his profit will be $70 in fair weather and $55 in badweather. Assume that on any particular day, the weather service suggests a 40%chance of foul weather.a) Construct Joseph's decision tree.b) What decision is recommended by the expected value criterion?

Answered: Joseph Biggs owns his own ice cream…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Joseph Biggs owns his own ice cream truck and lives 30 miles from a florida beach resort. The sale of his products is highly dependent on his location and on the weather. At the resort, his profit will be $120 per day in fair weather, $10 per day in bad weather. At home, his profit will be $70 in fair weather and $55 in bad weather. Assume that on any particular day, the weather service suggests a 40% chance of foul weather.

A) Construct Joseph's decision tree.

B) What decision is recommended by the expected value criterion?

NOTE: Please answer it all. Thank you so much. God bless! :)))

QUIZ NO. 3
4. Joseph Biggs owns his own ice cream truck and lives 30 miles from a Florida
beach resort. The sale of his products is highly dependent on his location and on
the weather. At the resort, his profit will be $120 per day in fair weather, $10 per
day in bad weather. At home, his profit will be $70 in fair weather and $55 in bad
weather. Assume that on any particular day, the weather service suggests a 40%
chance of foul weather.
a) Construct Joseph's decision tree.
b) What decision is recommended by the expected value criterion?

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