You are given the following payoff table.

a. Assume that your utility function for the payoffs is U(x) (x. Plot the expected utility of each decision alternative versus the value of p on the same graph. For each decision alternative, find the range of values of p over which this alternative maximizes the expected utility.
b. Now assume that your utility function is the exponential utility function with a risk tolerance of R = 50. Use RSPE to construct and solve the resulting decision tree in turn for p = 0.25, p 5 0.5, and p = 0.75.

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State of Nature S2 Alternative A, Az A3 25 36 100 49 Prior probability 1-P