Getting an MBA: Recall the decision problem in Section 2.3.2, and now assume that the probability…

Getting an MBA: Recall the decision problem in Section 2.3.2, and now assume that the probability of a strong labor market is p, that of an average labor market is 0.5, and that of a weak labor market is 0.5 − p. All the other values are the same.

a. For which values of p will you decide not to get an MBA?

b. If p = 0.4, what is the highest price the university can charge for you to be willing to go ahead and get an MBA?

 

 

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