Humber Tech is considering starting either a small, regular, or large tech store in Etobicoke. The type of store they open depends on the city's market potential which may be high with 30% chance, medium with 30% chance, or low with 40% chance. The potential profits ($) in each case are shown in the payoff table below. High Medium | Low Small 4200 4200 300 Regular 5900 5300 -500 Large 6600 3100 -100 Part A 1. What is the best expected payoff and the corresponding decision using the Expected Monetary Value (EMV) approach? $ Select an answer 2. What is the expected value of perfect information (EVPI)? $ Part B Humber Tech is now considering hiring ALBION consultants for information regarding the city's market potential. ALBION Consultants will give either a favourable (F) or unfavourable (U) report. The probability of ALBION giving a favourable report is 0.4. If ALBION gives a favourable report, the probability of high market potential is 0.42 while the probability of a low market potential is 0.12. If ALBION gives an unfavourable report, the probability of high market potential is 0.06 and that of low market potential 0.56. 1. If ALBION gives a favourable report, what is the expected value of the optimal decision? $ 2. If ALBION gives an unfavourable report, what is the expected value of the optimal decision? 3. What is the expected value with sample information (EVWSI) provided by ALBION? $ 4. What is the expected value of the sample information (EVSI) provided by ALBION? $ 5. Based on the EVSI, should Humber Tech pay $420 for the sample information? Select an answer