Question: 19. choices a. = choices b. d1 and d2 Problem 13-08 (Algorithmic) The following payoff table shows the profit for a decision problem with two

19.

19. choices a. = choices b. d1 and d2 Problem

choices a. = choices b. d1 and d2

Problem 13-08 (Algorithmic) The following payoff table shows the profit for a decision problem with two states of nature and two decision alternatives: State of Nature Decision Alternative 51 52 di 10 d 2 3 a. Use graphical sensitivity analysis to determine the range of probabilities of state of nature s 1 for which each of the decision alternatives has the largest expected value. If required, round your answers to two decimal places. da is optimal for probability of s. da is optimal for probability of s: b. Suppose Ps.) 0.8 and P(sz) = 0.2. What is the best decision using the expected value approach? Best decision

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