Consider the following payoff table and probabilities for the states of nature: a. Choose the best alternative
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a. Choose the best alternative using decision making under risk.
b. What is the expected value of perfect information?
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Demand Level Alternative $400 $900 S1,500 $200 $1,100 1,800 -$900 $1,200 $2,700 0.30 0.25 0.45 Probability
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a Alternative A 03 400 025 900 045 1500 1020 Alternative B 03 ...View the full answer
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