Question

XYZ , a mall sized firm is considering giving a yes signal to the decision of introduction of a new product. If the product is introduced and it is successful, the profit is $50000 and if it is failurel the loss is $30000. There is no profit or loss if the product is not introduced. The management believes that there is a 0.20 probability (the odds are 2 to 8) that the product will be successful.

Based on the above information and under a variety of criteria (like maxmin, minmax etc), should the firm introduce the product?​

Answer 1

whats this brooooo ?????? i couldnt understood it