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1. Given the profit payoff table below States of Nature l Decision alternative ' 1 3 a. (3 pointS) Construct a decision tree for this

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1. Given the profit payoff table below States of Nature l Decision alternative ' 1 3 a. (3 pointS) Construct a decision tree for this problem. b. (9 points) If theI decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using the optimistic. conservative and minimax regret approaches

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