You are trying to get the cheapest airfare to reach yourhometown. You just found on makemytrip.com that the ticket homewill cost $400, and it cannot be refunded or exchanged. You alsohave the option of buying a ticket for $450, which can be refundedfor $350 (and thus costs you $100). The price of tickets isexpected to change in one week, and you will have one more chanceto buy a ticket. There is a 50% chance that the ticket would cost$300, and a 50% chance that it would cost $600. Construct adecision tree and determine the best course of action to minimizethe expected expense. Assume that you (decision maker) are asensible adult who takes rational decisions!!
