Question: A decision maker has prepared the following payoff table. Alternative Buy Rent States of Nature High Low 85 -10 70 45 45 40 Lease Prior

A decision maker has prepared the following

A decision maker has prepared the following payoff table. Alternative Buy Rent States of Nature High Low 85 -10 70 45 45 40 Lease Prior Probability 0.2 0.8 Using Baye's Decision Rule, what is the best decision and the expected payoff? (Round your answer to 1 decimal place.) Best decision Payoff

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