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management science (decision making model) b) If the probabilities of each economic condition are 0.5, 0.1, 0.35, and 0.05, respectively, what investment would be made

management science (decision making model)

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b) If the probabilities of each economic condition are 0.5, 0.1, 0.35, and 0.05, respectively, what investment would be made using the Expected Value criterion? State of Nature Alternative 1 2 3 4 A 50 75 20 30 B 80 15 40 50 C -100 300 -50 10 D 25 25 25 25 Calculate the Expected Value of perfect information using: i. The expected payoff under certainty approach ii. The Expected Regret approach (EOL)

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