A cost payoff table is given as Cost Payoff Table State of Nature Decision sl 52 di 1074 503 409 d3 718 654 s3 432 284 592 396 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(si)=0.2, P(s) 0.5, and P(83)=0.3, respectively, then what choice should be made under expected value? (2 marks) e. What is the EVPI? (3 marks) f. If the conditional probabilities obtained from sample information / are PU S=0.1, PI s2)=0.05, PCI (su)=0.2, compute the revised or posterior probabilities Psi (1), P(82) and Ps 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