Based on past experience, the owner of Humber Bicyles Co. makes assumptions about the demand for the high-end bike (see the pay-off table below}: Demand for High-End Bikes Moderate Demand Low Demand High Demand Stock High-End 1200 9600 Bikes Stock Moderately Priced Bikes Probability of State of Nature (a) Compute the expected monetary value for each decision: EMVlStock Moderately Priced Bikes) = :] 0;} Determine the best decision using the EMV criterion. Select an answer 12000 (c) Determine the best decision using the EOL criterion. Fill in and use the opportunity loss table: Demand for High-End Bikes Moderate Demand High Demand Stock High-End Bikes Stock Priced Bikes Probability of State 0 4 of Nature I (a) Compute the expected monetary value for each decision: EMV(Stock High-End Bikes) = EMV(Stock Moderately Priced Bikes) = (b) Determine the best decision using the EMV criterion. Select an answer (c) Determine the best decision using the EOL criterion. Fill in and use the opportunity loss table: Demand for High-End Bikes Low Demand Moderate Demand High Demand Stock High-End Bikes Stock Moderately Decision Priced Bikes Probability of State 0.4 0.4 0.2 of Nature (d) Compute the expected opportunity loss value for each decision. EOL(Stock High-End Bikes) = EOL(Stock Moderately Priced Bikes) = (e) State your EOL decision: | Select an answer (f) Find the expected value of perfect information EVPI =