Question: Use the payoff table below to answer the questions that follow. Payoffs represent profits, in dollars, and the probabilities of the states of nature are

Use the payoff table below to answer the questions that follow. Payoffs represent profits, in dollars, and the probabilities of the states of nature are given in the table. 81 82 83 2800 2150 -850 3200 2300 -1200 3000 2550 -1100 -1150 2900 2250 0.2 0.4 d d d3 d Probability 0.4 a) What is the expected value of the optimal decision? $ b) What is the expected value with perfect information (EVwithPI)? SA c) What is the expected value of perfect information (EVPI)? Question Help: Video Message instructor

Use the payoff table below to answer the questions that foliow. Payoffs represent profits, in dollars, and the probabilities of the states of nature are given in the tabie. a) What is the expected value of the optimal decision? b) What is the expected value with perfect information (EVwithPI)? \$ c) What is the expected value of perfect information (EVPI)? 5 Question Heip: D Video Message instructor

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