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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 alteratives (stocking decision) and
Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various alteratives (stocking decision) and states of nature (sure of crowd D States of Nature (demand) Alternatives Big Average Small Large Stock $22,000 $10,000 -$1,500 $14,000 $9.000 $6,000 $9,000 $8,100 $4,800 Average Stock Small Stock The probabilities associated with the states of nature are 0.25 for a big demand, 0.55 for an average demand, and 0.20 for a small demand a) The alternative that provides Andrew Thomas the greatest expected monetary value (EMV) is The EMV of this decision is $(enter your answer as a whole number). b) The expected value of perfect information (EVPI) for Andrew Thomas 1 jender your answer as a whole number)
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