Question: The following profit payoff table was presented in Problem 1. Suppose that the decision maker obtained the probability assessments P(s1) - 0.65, P(s2) - 0.15,

The following profit payoff table was presented in Problem 1. Suppose that the decision maker obtained the probability assessments P(s1) - 0.65, P(s2) - 0.15, and P(s3) = 0.20. SELF test Use the expected value approach to determine the optimaldecision.

State of Nature Decision Alternative 250 100 100 100 25 75

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