ANSWER WITH SOLUTION PLEASE NEED HELP THANK YOU SO MUCH!!

4 . Individual Problems 1?6 The HR department is trying to ll a vacant posib'on for a job with a small talent pool. Valid applications arrive everyr week or so, and the applicants all seem to bring different levels of expertise. For each applicant, the HR manager gathers informaon by trying to verify various claims on the candidate's resume, but some doubt about 't" always lingers when a decision to hire or not is to be made. Suppose that hiring an employee who is a bad t for the company results in an error cost of $300, but failing to hire a good employee results in an error cost of $300 to the company. Although it is impomible to tell in advance whether an employee is a good t, assume that the probability that an applicant is a "good t" is 0.55, while the probability 'd'iat an applicant is a \"bad t" is 1 0.55 = 0.45. Hiring an applicant who is a good t. as well as not hiring an applicant who is a bad fit, results in no error cost to the company. For each decision in the following table, calculate and enter the expected error cost of that decision. Reality Good Fit Bad Fit Decision p=0.55 p=.45 Expected Error Cost Hire Cost: 0 Cost: saoo Do Not Hire Cost: $300 Cost: 0 Suppose an othenvise qualied applicant applies for a job. In order to minimize expected error costsr the HR department should V the applicant. I In ._'-C . I" "i-ISC Continue without saving