Revising Probabilities Using Bayes' Theorem (L.O.3): Refer to exercise 26-19. Suppose the manager receives information in the following form: P (information signal event), which requires using Bayes' Theorem to revise probabilities. The manager believes that the information would correctly identify high costs 70 percent of the time and correctly identify low costs 30 percent of the time. The cost of this information is $40,000.

Required: Should this information be obtained? What is its value?