A cost payoff table is given as Cost Payoff Table State of Nature Decision sl s2 dl 1074 d2 409 396 d3 718 654 503 s3 432 284 592 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(82)=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 I are PCI | SU)= 0.1, PI S2)=0.05, PCI (53)=0.2, compute the revised or posterior probabilities Psi | 1). P/s2 and P(s: | 1). (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