In Problem S1-12, if Wiley is able to assign probabilities of occurrence of 0.23 to unfavorable market conditions, 0.46 for the same market conditions, and 0.31 for favorable market conditions, what is the best decision using expected value? Based on the results in Problem S1-12 and the expected value result in this problem, does there appear to be an overall €œbest€ decision? Compute the expected value of perfect information, and explain its meaning.
In ProblemS1-12

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Competitive Market Publication Decision Paperback Similar revision Major content Favorable $68,000 $170,000 $395,000 672,000 725,000 Unfavorable Same 24.000 35.000 31,000 515,000 reVISIOon 972,000 Major physical000 280,000 revIsIon