Question: Please show all work and use correct formulas 1. (6 pts) Use the following table to answer a-d. The payoffs are in NET BENIFITS. S3

Please show all work and use correct formulas 1.

Please show all work and use correct formulas

1. (6 pts) Use the following table to answer a-d. The payoffs are in NET BENIFITS. S3 (p=2) 10 A1 A2 S1 (p=.3) 5 35 20 0 S2 (p=2) -3 65 50 10 S4 (p=) 25 0 35 20 A3 A4 -5 15 a. (1.5 pts) In a situation of uncertainty, what is the best alternative? (Use the expected value criteria to find the associated payoffs for each alternative and choose the best one.] b. (1.5 pts) Construct a regret table using the table above. S1 (p=.3) S2 (p= 2) S3 (p=2) S4 (p=) A1 A2 A3 c. (1.5 pts) Using EOL, what the best alternative and associated payoff? d. (1.5 pts) Calculate the expected value of perfect information

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