Question: A decision maker has prepared the following payoff table. States of Nature High 90 Alternative Buy Rent Lease Prior Probability 70 60 8.7 Best

A decision maker has prepared the following payoff table. States of Nature

A decision maker has prepared the following payoff table. States of Nature High 90 Alternative Buy Rent Lease Prior Probability 70 60 8.7 Best decision Payoff Low -10 40 55 0.3 Using Baye's Decision Rule, what is the best decision and the expected payoff? Note: Round your answer to 1 decimal place.

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