Question: 8. In Exercise 3, if P (I) = .25, P (B) = .45, and P (C) = .30, find the expected payoff and expected loss

8. In Exercise 3, if P (I) = .25, P (B) = .45, and P (C) = .30, find the expected payoff and expected loss of each of the three actions. Using EP (or EL) as a decision-making criterion, which action is optimal?

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