I need a decision tree Consider a scenario in which a college must recruit students. They...

I need a decision tree

Consider a scenario in which a college must recruit students. They have three options. They can do nothing. Alternatively, they could make their own ad campaign, spending $200,000. Their campaign has an 70% chance of being successful, which would mean bringing in 100 new students at $40,000 per student in tuition. Or the college could decide to spend $800,000 to hire a social media company to do the ads. This social media campaign has a 60% chance of being successful. If it is successful, there is an 75% chance in will bring in 100 new students. If it is not successful, there is a 10% chance it will bring in 100 new students. Otherwise it will bring in no new students. What should the college do to maximize expected value? Show your work including expected values.

Expert Solution

Colby Messinger answered 2 years ago

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