Questions: Below is a decision table for Gregor's Tennis School. Director Gregor Anderson is considering expanding his school to accommodate the potential increased interest in youth tennis lessons, camps, and teams. The decision table below describes his situation. Decision Table Alternatives High Demand Moderate Demand Low Demand -------------------------------------------------------- Add a new building 50,000 7,500 -45,000 Extend hours for existing building 10,000 5,000 -4,000 Do Nothing 0 0 0 What is the estimated payoff for adding a new building during high demand?

Below is a decision table for Gregor's Tennis School. Director Gregor Anderson is considering expanding his school to accommodate the potential increased interest in youth tennis lessons, camps, and teams. The decision table below describes his situation. Decision Table Alternatives High Demand Moderate Demand Low Demand -------------------------------------------------------- Add a new building 50,000 7,500 -45,000 Extend hours for existing building 10,000 5,000 -4,000 Do Nothing 0 0 0 What is the estimated payoff for adding a new building during high demand?
Transcript text: Below is a decision table for Gregor's Tennis School. Director Gregor Anderson is considering expanding his school to accommodate the potential increased interest in youth tennis lessons, camps and teams. The decision table below describes his situation. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Decision Table } \\ \hline & \multicolumn{3}{|c|}{ State of Nature } \\ \hline Alternatives & High Demand & Moderate Demand & Low Demand \\ \hline Add a new building & 50,000 & 7,500 & $-45,000$ \\ \hline Extend hours for existing building & 10,000 & 5,000 & $-4,000$ \\ \hline Do Nothing & 0 & 0 & 0 \\ \hline \end{tabular} Step 1 of 3: What is the estimated payoff for adding a new building during high demand? Prev Answer 3 Points Keypad Keyboard Shortcuts
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Solution

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Solution Steps

Step 1: Understanding the Decision Table

The decision table provided outlines the potential payoffs for different alternatives based on varying states of demand. The alternatives are actions Gregor can take, and the states of nature represent different levels of demand for tennis lessons.

Step 2: Identifying the Relevant Information

We are asked to find the estimated payoff for the alternative "Add a new building" during the state of "High Demand."

Step 3: Extracting the Payoff

From the decision table, the payoff for adding a new building during high demand is given as 50,000.

Final Answer

The estimated payoff for adding a new building during high demand is \(\boxed{50,000}\).

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