4. The table below shows the Cost of 3 different copy machines an office could use in a given year: Cost of a Machine Machine Machine A Maching B Machine C Slow Office Normal Office Busy Office 10,000 copies 20,000 copies 30,000 copies $950 $1,050 $1,150 $850 $1,100 $1,350 $700 $1,000 $1,300 Use the information above to answer the following questions: a) What is the minimax regret? b) If the probability the office is slow is 0.4 and the probability the office is normal is 0.3, what is the EVPI? c) Suppose the probability the office is Busy = P and the probability the office is Normal is Olie, probability the office is Slow - 1-P). Do a sensitivity analysis for the office being busy? What can you conclude about Machine B? should the cut-off score for admittance be (note, you will want to use =NORM.INV(p.mu,sigma) here)? 4. The table below shows the Cost of 3 different copy machines an office could use in a given year: Cost of a Machine Machine Machine A Maching B Machine C Slow Office Normal Office Busy Office 10,000 copies 20,000 copies 30,000 copies $950 $1,050 $1,150 $850 $1,100 $1,350 $700 $1,000 $1,300 Use the information above to answer the following questions: a) What is the minimax regret? b) If the probability the office is slow is 0.4 and the probability the office is normal is 0.3, what is the EVPI? c) Suppose the probability the office is Busy = P and the probability the office is Normal is 0 (i.e. probability the office is Slow - 1-P). Do a sensitivity analysis for the office being busy? What can you conclude about Machine B