Humber Tech is considering starting either a small, regular, or large tech store in Etobicoke. The type of store they open depends on the city's market potential which may be high with 40% chance, medium with 40% chance, or low with 20% 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)? $ Humber Tech is now considering hiring ALBVON consultants for information regarding the city's market potential. AL.BION Consultants will give either a favourable (F) or unfavourable (U) report. The probability of ALBION giving a favourable report is 0.45 . if ALBION glves a favourable report, the probability of high market potential is 0.52 while the probability of a low market potential is 0.06 . If ALBION gives an unfavourable report, the probability of high market potential is 0.14 and that of low market potential 0.32 1. If ALBION gives a favourable report, what is the expected value of the optimal decision? 5 2. If ALBION gives an unfavourable report, what is the expected value of the optimal decision? 5 3. What is the expected value with sample intormation (EVwSO) provided by ALBICN? $ 4. What is the expected value of the sample information (EVSI) provided by ALEION? $ 5. Based on the EVSl, should Humber Tech pay $280 for the sample information? 6. What is the efficiency of the sample information? Round % to 1 decimal place. N