A famous news anchor is tired of political reporting and

Last updated: 3/10/2023

A famous news anchor is tired of political reporting and decides to think seriously about running for the U S Senate estimating the probability of being elected as 60 Campaign expenditures are not a problem but the gain or loss of prestige could be The anchor estimates that if prestige can be quantified a win would be worth 100 prestige points and a loss would be represented by 50 prestige points A Draw the decision tree What should be done B How many prestige points should the anchor be willing to spend in order to know now how the election would turn out C There is no shortage of political advisors who would love to have this anchorperson for a client One in particular will charge 15 000 to offer an opinion of whether or not the race could be won In the past this advisor has given a positive opinion 75 of the time when the election was won and a positive opinion 10 of the time when the race was lost Draw the appropriate decision tree What should the candidate do What would the dollar amount of a prestige point have to be in order for the anchor to consider hiring this advisor Show your calculations