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 40% chance, or low with 30% chance. The potential profits ($) in each case are shown in the payoff table below. High Medium Low Small 4700 4600 0 Regular 5900 5200 -600 Large 6300 3400 -100 Part A 1. What is the best expected payoff and the corresponding decision using the Expected Monetary Value (EMV) approach? $ 3670 Regular 2. What is the expected value of perfect information (EVPI)? $ 300Humber 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 0.55. If ALBION gives a favourable report, the probability of high market potential is 0.42 while the probability of a low market potential is 0.14. If ALBION gives an unfavourable report, the probability of high market potential is 0.12 and that of low market potential 0.42. 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 (EVwS1) 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 $300 for the sample information? Select an answer v 6. What is the efficiency of the sample information? Round % to 1 decimal place