Based on past experience, the owner of Extreme Bikes Co. makes assumptions about the demand for the high-end bike (see the pay-off table below): Demand for High-End Bikes Moderate Low Demand High Demand Demand Stock High- 3000 6000 12000 End Bikes Stock Moderately Decision 7700 4900 2100 Priced Bikes Probability of State of 0.3 0.4 0.3 Nature (a) Compute the expected monetary value for each decision: EMV(Stock High-End Bikes) = EMV(Stock Moderately Priced Bikes) ={In} Determine the best decision using the EMV criterion. (c) Determine the best decision using the EDL criterion. Fill in and use the opportunity loss table: Demand for High-End Bikes Moderate Demand High Demand Stock Bikes Stock Moderately m... Bikes Probability of State 0 3 U 3 of Nature ' ' {d} Compute the expected opportunity loss value for each decision. EDLiStock High-End Bikes) = EDLiStock Moderately Priced Bikes} = e) State your EOL decision v Select an answer Decision: Stock Moderately Priced Bikes Decision: Stock High-End Bikes f) Find the expected value of perfect information EVPI =