The following payoff table provides profits based on various possible decision alternatives and various levels of demand at Robert Klassan's print shop Decision Alternative 1 Alternative 2 Alternative 3 Demand Low High $8.000 $36.000 $5.000 $42.000 $2.500 $50,000 The probability of low demand is 0.45, whereas the probability of high demand is 0.55 a) The alternative that provides Robert the greatest expected monetary value (EMV) is (1) The EMV for this decision is $ (enter your answer as a whole number). (enter your answer as a whole number) b) The expected value with perfect information (EVWPI) = $ c) The expected value of perfect information (EVPI) for Robert = $ (enter your answer as a whole number) 1: Definition The EMV for an alternative is the sum of all possible payoffs from the alternative each weighted by the probability of that payoff occurring 2: Definition EVWPI = Best outcome for state of nature, Probability of state of nature 3: Definition The difference between the payoff under perfect information and the payoff under risk (1) Alternative 2 Alternative 1 O Alterative 3