The probabilities for states of nature A, B, and C are 0.3, 0.5, and 0.2, respectively. If a person selected Alternatives 1, what would the expected profit be? 120 133.33 123 180 Indecision theory, we call the payoffs resulting from each possible combination of alternatives and outcomes marginal values conditional values conditional probabilities Bayesian values joint values The three decision-making environments involve decision making under utility, risk, and certainty. utility, risk, and uncertainty. utility, certainty, and uncertainty. utility, equity, and certainty. risk, certainty, and uncertainty. A plant manager considers the operational cost per hour of five machine alternatives. The cost per hour is sensitive to three potential weather conditions: coldmild, and warm. The following table represents the operations cost per hour for eachalternative-state of nature combination: Assume that for a randomly selected day, there is a 30% probability of cold 50% probability of mild weather, and 20% probability of warm weather. What is best using EMV? Machine 1 Machine 2 Machine 3 Machine 4 Machine 5