For the cost matrix of Exercise 3, a) Suppose P1Recession2 = 0.2, P1Stable2 = 0.2, and P1Expansion2

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For the cost matrix of Exercise 3,

a) Suppose P1Recession2 = 0.2, P1Stable2 = 0.2, and P1Expansion2 = 0.6. What is the expected value of each action?

b) What is the best choice using the expected-value approach?

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