Question

As the manager of Smith Construction, you need to make a decision on the number of homes to build in a new residential area where you are the only builder. Unfortunately, you must build the homes before you learn how strong demand is for homes in this large neighborhood. There is a 60 percent chance of low demand and a 40 percent chance of high demand. The corresponding (inverse) demand functions for these two scenarios are P = 200,000 −350Q and P = 600,000 −200Q, respectively. Your cost function is C(Q) = 160,000 + 157,000Q

Answer 1

Answer:

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Answer 2

Answer:

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