Question: A manager has developed a payoff table that indicates the profits associated with a set of alternatives under two possible states of nature. Answer the

A manager has developed a payoff table that indicates the profits associated with a set of alternatives under two possible states of nature. Answer the following questions. (i) Determine the expected value of perfect information if P(S2) = .30. (ii) Determine the range of P(S2) for which each alternative would be optimal.

Alternatives

S1

S2

1

10

2

2

-2

8

3

8

6

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