Question: could you please prepare the question in a good format and with the steps included You are given the following payoff table (in units of

could you please prepare the question in a good format and with the steps included

You are given the following payoff table (in units of thousands of dollars) for a decision analysis problem: State of Nature Alternative Sz A1 -OO Az ONO WOD A3 Prior probability 0.2 0.5 0.3 (a) According to Bayes' decision rule, which alternative should be chosen? (b) Find EVPI. (c) You are given the opportunity to spend $1,000 to obtain more in- formation about which state of nature is likely to occur. Given your answer to part (b), might it be worthwhile to spend this money

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