Question 5 (2 points) Suppose that there is a decision to be made where there are two decision alternatives and three possible states of nature. Consider the payoff table below, and determine the regret for decision alternative 1 if state 1 occurs. 51 14 52 15 S3 6 di d2 12 6 24 a Your Answer: Answer Question 6 (2 points) Suppose that there is a decision to be made where there are two decision alternatives and three possible states of nature. Consider the payoff table below, and determine the maximum regret for decision alternative 1. S1 15 52 10 53 7 di d2 15 12 18 Your Answer: Answer Question 7 (2 points) Suppose that there is a decision to be made where there are two decision alternatives and three possible states of nature. Suppose that state of nature 1 is project to occur 40% of the time while state 2 occurs 40% of the time. Use the payoff table below to compute the expected value of take decision alternative 1. Round your final answer to two decimal places. State Decision of Payoff Nature 19 18 51 S2 53 51 13 18 dz d2 dz 52 20 53 19 Your Answer: Suppose that we have the option of surveying our market before we make the final decision; if we do so, we will either get a favorable report or an unfavorable report. Further suppose that if we get a favorable report, our expected return fassuming we make the best decision we can in light of that new information) is 25, but if we get an unfavorable report our expected return is 10. If we decide to not pursue the market survey, our expected return is 13. Finally, suppose that the probability of good news is 75%. Calculate the value of the market survey, and round your final answer to two decimal places. Your