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Reservation value

/in /by

Question

Reservation value is $250,000.4 chance to sell machine for $300,000.25 chance to sell machine for

$350,000

.1 chance to sell machine for $400,000

.25 chance to sell for $0

If you must commit to a posted price, what price maximizes profits?

Froeb, 4th edition managerial economics individual Problem 17-4

 
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