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The probabilities for the states of nature are P ( s 1 ) 0 . 6 5 , P ( s 2 ) 0 .
The probabilities for the states of nature are Ps Ps and Psa What is the optimal decision strategy if perfect information were available?b What is the expected value for the decision strategy developed in part ac Using the expected value approach, what is the recommended decision without perfect information? What is its expected value?d What is the expected value of perfect information
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