3. The following profit payoff table Decision Alternative d d S 250 100 State of Nature S2 100 100 S3 25 75 - The probabilities for the states of nature are: P(s) = 0.65, P(s) = 0.15, and P(s3) = 0.20. What is the optimal decision strategy if perfect information were available? b. What is the expected value for the decision strategy developed in part (a)? Using the expected value approach, what is the recommended decision without per- fect information? What is its expected value? h d. What is the expected value of perfect information?

The following profit payoff table The probabilities for the states of nature are: P(s1)=0.65,P(s2)=0.15, and P(s3)=0.20. a. What is the optimal decision strategy if perfect information were available? b. What is the expected value for the decision strategy developed in part (a)? c. Using the expected value approach, what is the recommended decision without perfect information? What is its expected value? d. What is the expected value of perfect information