Alternative/Outcome	D	E	F
A	30	10	-10
B	15	10	-5
C	0	0	0

A, B and C are alternatives (different courses of action) and D, E and F are possible outcomes (states of nature). The values in the cells represent pay-offs for each combination of alternative and outcome.

a. Suppose the probabilities for states of nature D, E, and F are 0.3, 0.3, and 0.4, respectively. If a person selected Alternative A, what would the expected pay-off be?

b. Which alternative should be chosen to maximize the expected pay-off?

c. What is expected opportunity loss of taking action B?

d. If the probabilities for states of nature D, E, and F are 0.3, 0.3, and 0.4, respectively and perfect information can be obtained. What is the value of perfect information?

e. If a marketing research firm gives you perfect information about the market, what is the maximum amount of money you are ready to pay to the research firm?

Please round all answers to one decimal place and please provide in excel format if possible with as much detail and explination as possible thank you!