1. A decision maker must select one of four acts. The payoff matrix and probabilities for the states of nature are given below. State of nature (@;) 01 02 03 Act (a;) di 50 02 03 04 -20 10 10 30 -20 10 10 10 -20 20 20 0.20 0.40 0.40 P(0) (a) Using expected monetary value (EMV) strategy, construct a decision tree, and deter- mine the act that maximizes EMV by using the tree. (b) Construct the opportunity loss table and determine the act that minimizes EOL. (c) Determine the expected profit with perfect predictor (EPPP) for the payoff matrix. (d) What is the expected value of perfect information (EVPI) for this