Expert Answers /
Your business is unsure if it should increase or decrease the number of employees due to unstable ...
Your business is unsure if it should increase or decrease the number of employees due to unstable market conditions. You expect that there is a 60% of a recession next year, and a 40% chance of a market expansion. The amount of profit earned next year will depend on if workforce is increased or decreased and if the market goes into a recession or expansion. 1. What is the expected profit next year? 2. What is the expected profit with complete information? 3. What is the value of the complete information?