Problem 5S-2 (Static) A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity The contractor must now make a decision on capacity for next year Estimated profits under each of the two possible states of nature are as shown in the table below. Suppose after a certain amount of discussion, the contractor is able to subjectively assess the probabilities of low and high demand: P(low) 3 and Pthigh) = 7 Alternative Do nothing Expand Subcontract NEXT YEAR'S DEMAND LOW $ 560 20 BE 70 Profit in thousands 6-1. Determine the expected profit of each alternative. (Enter your answers in thousands.) Do Nothing Expand Subcontra Expoded Profi thousands thousands thousands 0-2 Which alternative is best? Do nothing O Expand Subcontract Profit in $ thousands. a-1. Determine the expected profit of each alternative. (Enter your answers in thousands.) Do Nothing Expand Subcontract Expected Profit thousands thousands thousands a-2. Which alternative is best? O Do nothing O Expand O Subcontract A c. Compute the expected value of perfect information. (Enter your answers in thousands.) EVPI thousands