16. You are given the following payoff table for a decision analysis problem. (20%) 0.35 Alternative State of Nature S S2 S A 50 80 30 A: 35 50 40 A, 60 30 50 Prior probability 0.25 0.40 (a) According to Baye's decision rule, which alternative should be chosen? (5%) (b) Find expected value of perfect information (5%) (e) You are given the opportunity to spend $50 to obtain more information about which state of nature is likely to occur. Given your answer to part (b), might it be worthwhile to spend this money? (5%) (d) Which alternative should be chosen under the maximum likelihood criterion? (5%)