Identify a situation that involves making decisions using expected value, and detail the different options, expectations, and payouts.

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Learning Goal: I’m working on a economics discussion question and need an explanation and answer to help me learn.1.Identify a situation that involves making decisions using expected value, and detail the different options, expectations, and payouts. Discuss the risks involved with those expectations and, if applicable, the payouts. Include in your discussion an explanation of how to determine how much information to gather to minimize uncertainty. Finally, explain which decision should be made.Answer in couple sentences
Requirements: 1

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