A cost payoff table is given as Cost Payoff Table State of Nature s1 52 s3 Decision d1 d2 358 951 332 757 444 377 809 1035 763 d3 a What choice should be made by the optimistic decision maker? (3 mark) b. What choice should be made by the conservative decision maker? (3 mark) c. What decision should be made under minimax regret? (3 marks) d If the P(s)=0 2. P(s)=0 5, and P(sy)-0.3, respectively, then what choice should be made under expected value? (2 marks) e. What is the EVPI? (3 marks) If the conditional probabilities obtained from sample information i are P1 | 5)=0.1, PCI |s) 0.05, PCI s)=0.2, compute the revised or posterior probabilities PS, 10, PCs (1) and P(s; 11). (4 marks) g. Compute expected values for each decision using the revised probabilities, obtained from part f What choice should be made? (2 marks) HINT: You must show all computations in detail