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Application of probability in a business situation

Assume you have hired a new employee unfortunately you do not know if the worker is a shriker or a hard worker. Suppose working hard raises the probablity of making a sale from 10% to 80% (thus raises the probablity of making a commision C by the same percentage). If the cost of working harder is $150, what commission C should you offer the worker to provide an incentive to work hard.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M922621

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