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?
Transcribed Image Text:
Demand Level Alternative 1 $450 $600 $600 $700 $100 $900 $1,400 S1,400 -$1.400-$200 $2,000 $2,500 Probability 0.20 0.15 0.30 0.35
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a Alternative A 02 450 015 600 03 600 035 700 605 Alternative B 02 100 0...View the full answer
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