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  3. the nbs television network earns an average of $40

The NBS television network earns an average of $400,000 from a hit show and loses an...

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Basic Math

The NBS television network earns an average of $400,000 from ahit show and loses an average

of $100,000 on a flop. Of all shows reviewed by the network, 25%turn out to be hits and 75%

turn out to be flops. For $40,000, a market research firm willhave an audience view a pilot of a

prospective show and give its view about whether a show will bea hit or a flop. If a show is

actually going to be a hit, there is a 90% chance that themarket research firm will predict the

show to be a hit. If the show is actually going to be a flop,there is an 80% chance that the

market research firm will predict the show to be a flop.Determine how the network can

maximize its expected profits by doing the following:

a. Construct the decision tree.

b. What would be the expected profit if the market research firmis hired?

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