Hello,

Can you please help me solve the following question in picture with the full working out.

5. Vegan Health Restaurant is contemplating opening a new restaurant in the Mona area of Kingston. It has two different models, each with a different seating capacity. Vegan Health estimates that the average number of customers per hour will be 80 (X), 100 (Y) or 120 (2) The payoff table for the two models is as follows: Estimated Average Number of Customers Per Hour (Payoffs are Profits) Y Z Madel S10 000 SIS 000 S14 000 Model S6 000 S16 000 S21 000 Probability 0.40 0.20 0.40 Vegan Health has the option of conducting market research to better assess the probabilities. This survey would cost $1 000. It is believed that the survey will give a favourable report with a probability of 0.6 or an unfavourable report with a probability of 0.4. The reliability of the survey team is known and with that information Vegan Health has determined that if the report is favourable, then the probabilities would be revised to 0.148, 0.185 and 0.667 respectively: if the report is unfavourable the probabilities would be revised to 0.696, 0.217, and 0.087. [4] a) Complete the decision tree given [6] b) By calculating the EMVs, determine the best decision for Vegan Health c) State this decision and the final expected profit? [2] d) What is the expected value of sample information (EVSI)? [2] 5. Vegan Health Restaurant is contemplating opening a new restaurant in the Mona area of Kingston. It has two different models, each with a different seating capacity. Vegan Health estimates that the average number of customers per hour will be 80 (X), 100 (Y) or 120 (2) The payoff table for the two models is as follows: Estimated Average Number of Customers Per Hour (Payoffs are Profits) Y Z Madel S10 000 SIS 000 S14 000 Model S6 000 S16 000 S21 000 Probability 0.40 0.20 0.40 Vegan Health has the option of conducting market research to better assess the probabilities. This survey would cost $1 000. It is believed that the survey will give a favourable report with a probability of 0.6 or an unfavourable report with a probability of 0.4. The reliability of the survey team is known and with that information Vegan Health has determined that if the report is favourable, then the probabilities would be revised to 0.148, 0.185 and 0.667 respectively: if the report is unfavourable the probabilities would be revised to 0.696, 0.217, and 0.087. [4] a) Complete the decision tree given [6] b) By calculating the EMVs, determine the best decision for Vegan Health c) State this decision and the final expected profit? [2] d) What is the expected value of sample information (EVSI)? [2]