Question: Given the following payoff table, use graphical sensitivity analysis to determine the range of values of the probability of state of nature s 1 over

  1. Given the following payoff table, use graphical sensitivity analysis to determine the range of values of the probability of state of nature s1 over which each of the decision alternatives has its largest expected value.

Decision

S1

S2

A

-4

20

B

4

16

C

8

2

What is the expected value of decision A in term of p?

A.

EV(A) = 20 -20 p

B.

EV(A) = 16 12P
C.

EV(A) = -4 + 20P
D.

EV(A) = 20 24P

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