Humber Tech is considering starting either a small, regular, or large tech store in Etobicoke. The type store they open depends on the city's market potential which may be high with 30% chance, medium wi 30% chance, or low with 40% chance. The potential profits (S) in each case are shown in the payoff tabl below. High Medium Low Small 4500 5000 0 Regular 5500 5100 -600 Large 6300 3900 -500 Part A 1. What is the best expected payoff and the corresponding decision using the Expected Monetary Value (EMV) approach? S Select an answer v 2. What is the expected value of perfect information (EVPI)? S Part B Humber Tech is now considering hiring ALBION consultants for information regarding the city's market potential. ALBION Consultants will give either a favourable (F) or unfavourable (U) report. The probability of ALBION giving a favourable report is 0.5. If ALBION gives a favourable report, the probability of high market potential is 0.46 while the probability of a low market potential is 0. 12. If ALBION gives an unfavourable report, the probability of high market potential is 0. 12 and that of low market potential 0.54 1. If ALBION gives a favourable report, what is the expected value of the optimal decision