Nick has plans to open some pizza restaurants, but he is not sure how many to open. He has prepared a payoff table to help analyze the situation. STATES OF NATURE ALTERNATI S Good Market - Fair Market Poor Market Open 1 380,000 70,000 -400,000 Open 2 200,000 80,000 -200,000 Do Nothing As Nick does not know how his product will be received, he assumes that all three states of nature are equally likely to occur. Given Nick uses the equally likely criterion, what would be the EV of the "Open 1" alternative. 50,000 850,000 15,000 16,500 16,667