Question: A decision maker has prepared the following payoff table. States of Nature Alternative High Low Buy 95 10 Rent 65 35 Lease 45 50 Prior

A decision maker has prepared the following payoff table.

States of Nature
Alternative High Low
Buy 95 10
Rent 65 35
Lease 45 50
Prior Probability 0.8 0.2

Using Bayes Decision Rule, what is the best decision and the expected payoff? (Round your answer to 1 decimal place.)

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