31 Dec 20% 3. The Hadari brothers, James and Ken, are thi
20% 3. The Hadari brothers, James and Ken, are thinking of opening a home appliance repair shop in their hometown. They both believe that any small business sho good chance of making a profit. a small Because there will be a five-year lease on the building that they aret . They can open a small shop, a large shop, or no shop at all. hinking of renting for the usiness, they want to make sure that they make the correct decision. They have done some analysis about the if the market is good, but they will lose $40,000 if the market is bad. If they build a small shop they will have a return of $30,000 profit in a good market and a $10,000 loss in a bad market. A the present time, they believe that there is a 59% chance that the market will be good. They also have the option of hiring a marketing professor at a local university for $5,000 to conduct a marketing research study. If the study is conducted, the results could be either favorable or unfavorable. It is estimated that there is a 0.6 probability that the survey will be favorable. Furthermore, there is a 0.9 probability that the market will be good, given a favorable outcome profit ability of such a shop. If they build the large shop, they will earn $60,0 from the survey. However, the marketing professor has warned them that there is only a probability of 0.12 of a good market if the marketing research results are not favorable. a. Develop a decision tree for the Hadari brothers for the problem. b. Advise the brothers on what they should do.
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