3. You are trying to decide wh on previous years, you have the followin J00000 e trying to decide what to do with your catalogue prices this year. B vous years, you have the following information about your competition. Beneral, there is about a 50% chance they will decrease the prices in their talogue this coming year. There is a 30% chance they will maintain last year's prices, and a 20% chance they will increase their prices. To help you make a decision, you have created the following payoff table for changing your product assortment given the market: 0.5% 0:3 ois Alternatives Competitor Competitor Competitor decreases maintains Looddncreases prices prices prices You decrease $1,000,000 $2,000,000 $3,000,000 prices You maintain $2,500,000 $1,500,000 $2,000,000 prices You increase $2,000,000 $2,500,000 $1,000,000 prices -7 What should you do (Hint: calculate an expected value for each decision you could make? Expected value Jee Key