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  3. the physicians in problem 3-36 have been ap-proach

the physicians in problem 3-36 have been ap-proached by a market research firm that offers to...

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Advance Math

the physicians in problem 3-36 have been ap-proached by a marketresearch firm that offers to perform a study of the market at a feeof $5,000. the market researchers claim their experience enablesthem to use bayes' theorem to make the following statements ofprobability: probability of a favorable market given a favorablestudy = 0.82 probability of an unfavorable market given a favorablestudy = 0.18 probability of a favorable market given an unfavorablestudy = 0.11 probability of an unfavorable market given anunfavorable study = 0.89 probability of a favorable research study= 0.55 probability of an unfavorable research study = 0.45 (a)develop a new decision tree for the medical pro-fessionals toreflect the options now open with the market study. (b) use the emvapproach to recommend a strategy. (c) what is the expected value ofsample informa-tion? how much might the physicians be willing topay for a market study? (d) calculate the efficiency of thissample

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