Business, 09.04.2021 02:40 agarza0326

The Mineco company owns a rare-earth element ore. If the land has ore and Mineco digs a mine they will make $1,000,000 profit. If the land does not have ore and Mineco digs Alternatively, the land could be sold for $400,000. A geologist has estimated that there is a 65% chance that the land contains ore. piece of land that may have a significant amount of recoverable ww. a mine they will lose $500,000 (5 points) Fill in the payoff table for this decision problem. There should be an entry in every box in the table below. a. State of Nature Alternative Prior Probability
b. Under the maximin decision criterion what should Mineco do?
c. Under the maximum likelihood criterion what should Mineco do?
d. Under Bayes' decision rule, what should Mineco do?
e. If Mineco is using Bayes decision rule,, what is the Expected Value of Perfect Information for this problem?

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The Mineco company owns a rare-earth element ore. If the land has ore and Mineco digs a mine they wi...

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