Question: PLEASE SHOW YOUR WORK ON EXCEL AND PROVIDE ANY FORMULAS THAT WERE NEEDED. Problem 4: A newspaper is considering adjusting its advertising rates for the

PLEASE SHOW YOUR WORK ON EXCEL AND PROVIDE ANY FORMULAS THAT WERE NEEDED. PLEASE SHOW YOUR WORK ON EXCEL AND PROVIDE ANY
Problem 4: A newspaper is considering adjusting its advertising rates for the coming year. The possible payoffs for these strategies will vary according to demand as follows: Low demand (50%) Moderate demand (30%) High demand (20%) Raise rates by 50% -9 4 Raise rates by 20% Hold rates constant 5 Reduce rates by 20% 1 2 12 4 8 - 1 3 a) What is the expected monetary value (EMV) of the best strategy? b) What is the expected value of perfect information (EVPI)

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