Genesis Medical Imaging is deciding whether to bid on a new contract to supply a local area hospital with a new MRI machine. Such bids are confidential and the lowest bid entered wins the contract. Genesis estimates it costs $1,000 to prepare for the bid and $900,000 for the MRI machine if it wins the contract. The following table shows the probabilities of Genesis winning the bid given the bids it submits.
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Get Help Now!Probability of Winning
Value of Bid
40%
$1,000,000
30%
$1,250,000
20%
$1,750,000
10%
$2,000,000
Set up a decision tree to find the bid that gives Genesis the highest chances of winning.
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