Question Completion Status: The following is a payoff table giving profits for various situations. States of Nature A Alternatives Alternative 1 Alternative 2 Alternative 3 Do Nothing 00 O 166 QUESTION 2 Alternatives Alternative 1 Alternative 2 Probability The probabilities for states of nature A, B, and Care 0.3, 0.5, and 0.2, respectively. If a perfect forecast of the future were available, what is the expected value of perfect information (EVPI)? O 36 40 100 Consider the following payoff table States of Nature A O 10 200 120 Probability Alternative 1 0 Alternative 2 Alternative 3 Alternative 4 100 B 120 100 140 C O Alternative 2 O Alternative 3 O Alternative 4 Type here to search 100 200 0.4 How much should be paid for a perfect forecast of the state of nature? O 170 30 B QUESTION 3 The following is a payoff table giving profits for various situations. State 1 State 2 04 0.35 45 37 59 65 33 C 150 100 0.6 16 23 44 180 50 120 State 0.25 83 72 91 If a person were to use the expected monetary value criterion, what decision would be made? O Alternative 1 55 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Ps ld Pr HH

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