(a) Payoff table and Maximum expected payoff (show your calculations): Investment Alternatives Market Conditions Expected Values Favorable Stable Unfavorable 0.2 0.7 0.1 Widget 120,000 70,000 -30,000 (120,000) ( 0.2) + (70,000) (0.7) + (-30,000) (0.1) = 24,000 + 49,000 + -3,000= 70,000 Hummer 60,000 40,000 20,000 (60,000) ( 0.2) + (40,000) (0.7) + ( 20,000) (0.1) = 12,000 + 28,000 + 2,000= 42,000 Nimnot 35,000 30,000 30,000 (35,000) (0.2) + (30,000) (0.7) + (30,000) (0.1) = 7,000 + 21,000 + 3,000= 31,000 Column Max (for EVPI and opportunity loss calculations) The maximum expected payoff = ___70,000_____________. The best alternative as the decision is : ____Widget___________