Question: The following payoff table provides profits based on various possible decision alternatives and various levels of demand. States of Nature Demand Alternatives Low Medium High

The following payoff table provides profits based on various possible decision alternatives and various levels of demand. States of Nature Demand Alternatives Low Medium High Alternative 1 80 120 140 Alternative 2 90 90 90 Alternative 3 50 70 150 The probability of a low demand is 0.4, while the probability of a medium and high demand is each 0.3. What is the expected value of perfect information (EVPI)? Select one: a. 7 b. 5 c. 6 d. 8

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