7. For the cost matrix of Exercise 30, a. Suppose P(Recession) = 0.2, P(Stable) = 0.2, and P(Expansion) = 0.6. What is the expected value of each action? b. What is the best choice using the expected-value approach? LOO 8. For the decision tree of Exercise 4,0 a. Suppose P(Warm) = 0.5, P(Moderate) =0.3, and P(Cold) = 0.2. What is the expected value of each action? b. What is the best choice using the expected-value approach? LO. ection 23.7 7. For the cost matrix of Exercise 30, a. Suppose P(Recession) = 0.2, P(Stable) = 0.2, and P(Expansion) = 0.6. What is the expected value of each action? b. What is the best choice using the expected-value approach? LOO 8. For the decision tree of Exercise 4,0 a. Suppose P(Warm) = 0.5, P(Moderate) =0.3, and P(Cold) = 0.2. What is the expected value of each action? b. What is the best choice using the expected-value approach? LO. ection 23.7