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The following chart shows the expected prot/loss under each circumstance. If most workers If mo st workers If most workers If most workers manage to
The following chart shows the expected prot/loss under each circumstance. If most workers If mo st workers If most workers If most workers manage to get just maintain get pay cuts lose their jobs increments for their incomes entirely their incomes probability : probability : probability : probability 2 0.1 0.2 0.4 0.3 foods 200 180 160 140 clothes 300 220 180 100 stationeries 500 210 40 0 bags 1100 530 10 260 smartphones 3 000 1400 50 1400 i) By using EMV, calculate the best decision as well as the expected prot for such decision. (8 marks) ii) Calculate the EVPI. (4 marks)
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