Question: Help would be much appreciated, Thanks! Wave Tech is considering starting either a small, regular, or large tech store in Detroit. The type of store

Help would be much appreciated, Thanks!

Wave Tech is considering starting either a small, regular, or large tech store in Detroit. The type of store they open depends on the city's market potential which may be high with 20% chance, medium with 20% chance, or low with 60% chance. The potential profits (\$) in each case are shown in the payoff table below. Part A 1. What is the best expected payoff and the corresponding decision using the Expected Monetary Value (EMV) approach? \$ 2. What is the expected value of perfect information (EVPI)? \$ Wave Tech is considering starting either a small, regular, or large tech store in Detroit. The type of store they open depends on the city's market potential which may be high with 20% chance, medium with 20% chance, or low with 60% chance. The potential profits (\$) in each case are shown in the payoff table below. Part A 1. What is the best expected payoff and the corresponding decision using the Expected Monetary Value (EMV) approach? \$ 2. What is the expected value of perfect information (EVPI)? \$

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