An investor is deciding between b,vo investments When the economy has declined, an adviser has given a rosy forecast 70% ofthe time (gloomy forecast 30% ofthe time) When the economy has not changed, the adviser has given a rosy forecast 80% ofthe time When the economy has expanded, the adviser has given a rosy forecast 60% of the time. The adviser gives a gloomy forecast. Complete parts (a) through (k). O Click the icon to view the payoff table and probabilities for each economic condition. a. Revise the probabilities of the investor based on this economic forecast by the adviser. Based on these revised probabilities, answer (b) through (k). P(economy declineslgloomy) - P(no changelgloomy) - P(economy expandslgloomy) - (Round to three decimal places as needed.) Payoff table and probabilities Investment Selection Event Economy declines No change Economy expands 500 1,000 3,000 - 1,000 3,000 5,000 Based on his own experience, the investor assigns the probabilities shown below to each economic conditiom P(Economy declines) = 0.4 P(No change) = 03 P(Economy expands) = 03 print Done