Question 2 10 points Save Answer Strike It Rich is a gold mining company that is attempting to decide whether to invest in a particular site. The cost of mining gold is 60% of the expected revenue. These site are Site A, B, and C. The probability that the site has gold is 0.50. Below is the expected revenue of the possible site. Operating Expenses vary from one site to another. Site A's operating expenses is 20%. Site B has 10% operating expenses and Site Chas 25% operating expenses. States of Nature Decision Gold is Present Gold is not Present Site A 4,500,000 1,250,000 Site B 4,000,000 1,000,000 Site C 4,250,000 1,300,000 a. Construct the decision tree diagram. b. Formulate equations to determine the expected value of this decision. C. Formulate the equation to determine the expected value given perfect information. d. Formulate the the equation of EVPI. In order to obtain more information about the potential presence of gold, the company has hired a geologist to analyze the soil. Past history indicates that there is a 60% chance that the geologist's test is positive given the presence of gold, and 35% chance that the test is positive given the absence of any gold. a) Formulate using tabular form to determine the posterior probabilities for a positive result. b) Formulate using tabular form to determine the posterior probabilities for a negative result.Construct the c) Construct the revised decision tree diagram