Value of Imperfect Information-Applying Bayes' Theorem (L.0.3): Refer to exercise 26-17. Suppose that Buffalo Company could not

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Value of Imperfect Information-Applying Bayes' Theorem (L.0.3): Refer to exercise 26-17. Suppose that Buffalo Company could not obtain perfect information but could obtain imperfect information from the marketing research firm that was accurate 80 percent of the time (that is P(good report success) = .8: P(good report failure).2. etc.)

Required: What is the value of the imperfect information? Should it be obtained?

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