Question: 10 pts Remember the FincHair problem from the class and homework. Similar to that, let's assume that you have a decision with 3 different alternatives,

10 pts Remember the FincHair problem from the
10 pts Remember the FincHair problem from the class and homework. Similar to that, let's assume that you have a decision with 3 different alternatives, where alternatives are cream, shampoo and do nothing. The two of them have different payoffs under the favorable market and unfavorable market. You know the probabilities for the favorable and unfavorable market, which are represented as P(favorable market)- 6 and P(unfavorable market) =4. Based on your knowledge from Bus2 190, you applied EMV approach, drew a nice tree, etc and made a decision to market the cream. You asked an analyst to conduct a survey to gain additional insight on whether or not the market is favorable for the decision alternatives. The analyst can provide you information with the survey, good and bad results. Of course, you will have to pay for the survey. How would you update your initial analysis? What type of values are you looking for in your update? How would you choose whether this new information is worthwhile or not? Note: I am asking about the numbers here, I am expecting you to explain "n general how your decision tree will change, what type of calculations you will need to do and how your decision might hange. You need to explain the entire analysis steps and changes for full credit! Edit Format Table 2pt Paragraph BIUA 2: DELL

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