With major renovation, at Bascomb's Candy $($See Problem $1$ above$)$ the payoff from a favorable market is $$100,000,$ from an unfavorable market $$-90,000.$ Minor renovations and favorable market has a payoff of $$40,000$ and an unfavorable market $$-20,000.$ Assuming that a favorable market and an unfavorable market are equally likely, solve the decision tree. Jeff Heyl, the owner of Bascomb's Candy $($Problem $1$ and $2$ above$)$ realizes that he should get more information before making his final decision. He decides to contract with a market research firm to conduct a market survey. How much should Jeff be willing to pay for accurate information $($i$.$e$.$ What is the Expected Value of Perfect Information, EVPI?$)?$

But for the EPVI are you taking into account the $"$Do nothing" alternative? this being $"0"$ Wouldn$$t be this the real minimum?

$100,000$ x $0,5+0$ x $0,5=50,000$

EPVI $=50,000-10,000=40,000$