GKR WebSpace can launch one of three versions of a new product, X, Y or Z. The profit depends on market reaction and there is a 30% chance that this will be good, a 40% chance it will be medium and a 30% chance it will be poor. Which version should the company launch with the profits given in the following table?

The company can do another survey to give more information about market reaction.
Experience suggests that these surveys give results A, B or C with probabilities P(A/Good), P(A/Medium) etc., shown in the following table.

How much should the company pay for thissurvey?

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Market reaction Version good 100 70 130 medium poor 110 90 100 80 120 70 Result Market reaction good medium 0.2 0.2 0.4 0.2 0.5 0.3 0.6 0.3 0.3 poor