Calculating expected values

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The following is a payoff table giving profits for various situations. States of Nature Alternatives A B C Alternative 1 100 120 180 Alternative 2 120 140 120 Alternative 3 200 100 50 Do Nothing 0 0 0 The probabilities for states of nature A, B, and C are 0.3, 0.5, and 0.2, respectively. what are the expected values for each alternative? What decision should be made under expected value? What is the EVPI?

Reference no: EM13111126

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