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The following payoff table shows the profit for a decision problem with two states of nature and two decision alternatives State of Nature Decision Alternative

The following payoff table shows the profit for a decision problem with two states of nature and two decision alternatives

State of Nature

Decision Alternative 1. State_nature_one 2. State_nature_two

Decision_one 1. 250 2. 100

Decision_two 1. 100 2. 100

Suppose P(s1)=0.2 and P(s2)=0.8. What is the best decision using the expected value approach?

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