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Given is a Decision Tree Diagram. The Payoffs 1-14 are given in the table below. Answer questions a, b, and c. Payoff 1 2 3

Given is a Decision Tree Diagram. The Payoffs 1-14 are given in the table below. Answer questions a, b, and c.

Payoff

1

2

3

4

5

6

7

8

9

10

11

12

13

14

$

9

3

-5

2

8

7

-2

3

8

5

2

-3

5

6

a) The value at node 4 is Blank 1 b) The value at node 8 is Blank 2 (in 1 decimal place) c) The best course of action or decision is to select alternative Blank 3

image text in transcribed
1/3 Payoff 1 1/3 Payoff 2 1/3 PayOff 3 0.30 Payoff 4 0.50 7 Payoff s Alternative A 0.20 Payoff 6 1/3 Payoff 7 1/3 Payoff 8 1/3 Payoff 9 Alternative B 0.30 Payoff 10 0.50 8 PayOff 11 0.20 PayOff 12 1/2 Payoff 13 1/2 Payoff 14

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