Refer to the problem of the shoe store operator of Exercises 7 and 14.

(a) The shoe store operator is happy with the assessment that the probability is 2 that the new shopping center will be unsuccessful but is less sure about the probability assess ments for the other two states of nature. Under what range of probabilities that the new shopping center will be very successful will the expected monetary value criterion lead to the choice of action found in Exercise 14?

(b) Assuming that the other problem specifications are as in Exercises 7 and 14, under what range of profit levels for location in the new center if it turns out to be very suc- cessful will the expected monetary value criterion lead to the choice of action found in Exercise 14?