(a) An art dealer's client is willing to buy the Sunflower painting at $50,000. The dealer can buy the painting today for $40,000 or can wait a day and buy the painting tomorrow (if it has not been sold) for $30,000. The dealer may also wait another day and buy the painting (if it is still available) for $26,000. At the end of the third day, the painting will no longer be available for sale. Each day, there is a 0.60 probability that the painting will be sold. Construct a decision tree and determine the strategy that will maximize the dealer's expected profit.
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- 3. (Scenario Based Question) Your response to Nicole's Phone Call & "Hi, my name is Nicole and I need your help urgently! I saw a puppy on Facebook which I saw advertised through a mutual friend. The seller asked me to pay £3000 upfront to hold the puppy, which I was ok with as I have done my research and the breeder said they had a KC Registered certificate. So I have sent the breeder £3000 via bank transfer last week. I was meant to pick up the puppy today and when I checked the breeders address on Facebook they no longer exist! (**crying**) I can't pay for my bills or buy food for the kids because this was the last of my money this month. (**angry**) You and Monzo need to protect me against scams like this! I want to raise a complaint to get all my money back straight away!" (Write your response to the customer as if you were a COp at Monzo who had just picked up a call from Nicole, for example "Hi Nicole...")Question 1: Assume that you own and operate a business. Your production this year was based on prior years' experience. You have been left, however, with 100,000 unsold units on hand. You have been selling your product at $5 each and expected the same price for these 100,000 units. You have exhausted all avenues you can think of for disposing of your excess product. You do not have the storage capacity for keeping these units in inventory while you continue production. This morning a giant retail organization contacted you urgently seeking the type of product you produce to fill deficits in their supply. They offer to pay you $3 per unit. 1. How would you assess whether or not you should negotiate? Identify the factors you would consider and give reason for their consideration. [YOU MUST GIVE THE REASON FOR CONSIDERATION OF EACH FACTOR SEPARATELY OTHERWISE YOUR ANSWER WILL NOT BE ACCEPTABLE] 2. What factors can you readily identify that will affect your negotiation options and…5. (Scenario Based Question) Your response to Simeon's phonecall: Hello, I need to speak to a manager now! Netflix has taken money out of my account when I cancelled the subscription ages ago. They have still charged me for their services. This has left me with no money. This is fraud! I need this money refunded straight away otherwise I will not be able to afford groceries for my kids this week. Please refund this money now! * (Write your response to the customer as if you were a COP at Monzo talking to Simeon, for example "Hi Simeon....". Show us your empathy and analytical problem solving skills, and how by being customer centric you'd help get the customer to a logical solution in this scenario
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