STUDENTI 3 QUESTION POINTS SCORE 1 35 2 35 3 30 TOTAL 100 1. (35 pts.) You are thinking about starting your ice cream shop. The problem is to decide how large your shop should be. The annual retums will depend on both the size of your shop and a number of marketing factors related to the coffee market and demand for ice cream Develop the following profit value table by writing random values within the range 500>=value=500 (DO NOT COPY FROM INTERNET SOLVED EXAMPLES OR OLD EXAM QUESTIONS. WRITE YOUR OWN RANDOM VALUES. IT WILL BE CHECKED WITH THE OTHER STUDENT VALUES ALSO). Fill the profit value table. Size of shop Good Market (Lira) Fair Market (Lira) Poor Market (Lira) Small Medium Large For example, if you construct a small shop and the market is good, determine a profit value randomly within the range, a) Develop a decision table for this decision and determine the best investment choices by applying the maxima, maximin. equally likely, Hurwicz and minimax regret criteria. (Take a=0.70 for Hussisz.). (10 pts.) Fill the summary result table below. Summarize your solutionAlandatory). Method Decision Profit Value Regret Maximax Maximm Equally likely Hurwicz (a = 0.70) Minimax regret b) Develop a decision tree (Draw). Assume each outcome is equally likely, then find the decision alternative that provides the highest Expected Monetary Value (EM) (15 pts.) c) Compute the expected value of perfect infomation (EVP) (10 pts.) EVPI