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Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various alternatives (stocking decision) and states

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Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd): Alternatives Large Stock Average Stock Small Stock States of Nature (demand) Big Average Small $24,000 $14,000 - $2,500 $12,000 $9,000 $6,000 $8,400 58,000 $3,200 The probabilities associated with the states of nature are 0.25 for a big demand, 0.45 for an average demand, and 0.30 for a small demand. a) The alternative that provides Andrew Thomas the greatest expected monetary value (EMV) is The EMV of this decision is 5 (enter your answer as a whole number). b) The expected value of perfect information (EVPI) for Andrew Thomas = $ number) (enter your answer as a whole Enter your answer in each of the answer boxes

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