You have inherited a lottery ticket may be a $10,000 winner. You have a 0.25 chance of winning the $10,000 and a 0.75 chance of winning $0. You have an opportunityto sell the lottery ticket for $2,500. Would you be selling this lottery ticket if you are risk averse? Risk averse person would not sell this if he/she does not have positive expected GAIN from sales of it even though they can have positive transaction amount.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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answercombination of ability and experience of the partners;

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