Question: For the payoff table below, the decision maker will use P ( s 1 ) = . 1 5 , P ( s 2 )

For the payoff table below, the decision maker will use P(s1)=.15, P(s2)=.5, and P(s3)=.35.State of NatureDecisions1s2s3d1-5,0001,00010,000d2-15,000-2,00040,000Tap the table to full screenCalculate the expected values of all alternatives. What alternative would be chosen according to expected value?For a lottery having a payoff of 40,000 with probability p and -15,000 with probability (1-p), the decision maker expressed the following indifference probabilities.PayoffProbability10,000.851,000.60-2,000.53-5,000.50Calculate the Expected Utility for all alternativesWhat alternative would be chosen according to expected utility?

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