Question: Questions 31 through 34 reference the following payoff table Complete the Regret Table below as needed to Decision States of Nature answer the questions. A

Questions 31 through 34 reference the following payoff table Complete the Regret Table below as needed to Decision States of Nature answer the questions. A B C States of Nature #1 D 3 E F 5 Decision A B C D E F #2 0 2 2 # 1 2 #3 4 2 5 0 #2 0 4 5 #4 0 0 #3 0 2 0 #5 5 #4 3 4 3 #6 5 1 5 #5 4 Probability 2 #6 0.3 0.2 0.2 0.1 0.1 0.1 Probability 0.3 0.2 0.2 0.1 0.1 0.1 31. What is the value of the EMV using the probabilities in the table for each state of nature? a. 2.30 b. 3.20 C. 4.40 d. Cannot be determined with information provided e. None of the above 32. What decision(s) would be made using EOL assuming an equally-likely criteria? a. Decisions 1 and 2 b. Decisions 3, 4, and 6 C. Decision 5 only d. Decision 2 and 6 e. None of the above 33. What is the value of the decision if the Minimax Regret criteria is used? a. 1 b. 2 C. 3 d. 4 . None of the above 34 What is the value of the decision if the Maximin criteria is used? a. 2 b. 3 C. 4 d. 5 e. None of the above
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