Ernie's Fish Market sells fresh trout. Every week Ernie buys fish from a supplier in ...

      Ernie's Fish Market sells fresh trout. Every week Ernie buys   fish from a supplier in Denver at a cost of $1.00 per fish.   Fish are   sold at the Market for $1.50 each. Any fish left over at the end of the week   are sold to a cat food plant for $0.20 per fish. According to past   experience, the weekly demand for trout has been as follows:                 Demand                         Probability of Demand                 15   trout                          0.10                 16                                  0.20                 17                                  0.40                 18                                  0.30        Ernie wants   to determine how many trout he should buy from the Denver supplier each week.   a. Create a   payoff table for this problem   b. Calculate   the Expected Value for each alternative (numbers of trout to be bought)   c. Based on   Expected Value, how many trout should Ernie purchase from Denver each week?   *Show work   with Excel*