A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity The contractor must now make a decision on capacity for next year. Estimated profits under each of the two possible states of nature are as shown in the table below. Suppose after a certain amount of discussion, the contractor is able to subjectively assess the probabilities of low and high demand: P(low) 3 and P (high) - 7 NEXT YEAR'S DEMAND Alternative LOW High Do nothing Expand Subcontract $50 20 40 $60 BO 70 Profit in $ thousands 0-1. Determine the expected profit of each alternative. (Enter your answers in thousands.) Do Nothing Expand Subcontract Expected Profit thousands thousands thousands 3-2. Which alternative is best? a-2. Which alternative is best? O Do nothing Expand O Subcontract C. Compute the expected value of perfect information. (Enter your answers in thousands.) EVPI thousands