Which item is NOT false: Select one: O a. Long-run average payoff. Expected or average amount that would be achieved if a large number of identical decisions were to be made. O b. Value of Information: low limit on the amount decision maker should pay to obtain information about which state of nature will occur. c. The second step in Decision Analysis Process Framing: Identify the situation and understand the goals. d. In the Decision Analysis Process What is suggested first to the decision maker no influences the decision. The manager for a company must recommend whether to build a new large facility, medium one, or do nothing. He estimates that long-run profits (in $000) will vary with the rate of inflation as follows: ALTERNATIVE INFLATION LOW NORMAL HIGH Do Nothing -100 100 300 350 500 200 Large Medium 750 300 50 If he feels the chances of low, normal, and high inflation are 30%, 30%, and 40%, respectively, what is his expected value of perfect information? Select one: a. 335000 b. 495000 c. 120000 d. 160000 e. 285000