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answer the following Use the payoff table below to answer the questions that follow. Payoffs represent profits, in dollars, and the probabilities of the states

answer the following

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Use the payoff table below to answer the questions that follow. Payoffs represent profits, in dollars, and the probabilities of the states of nature are given in the table. 82 83 d1 3200 2100 -800 d2 2850 2500 -1100 d3 2900 2050 -1200 d4 2950 2450 -1150 Probability 0.2 0.1 0.7 a) What is the expected value of the optimal decision? b) What is the expected value with perfect information (EVwithPI)? c) What is the expected value of perfect information (EVPI)

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