Essay
The following payoff table provides profits based on various possible decision alternatives and various levels of demand. 
The probability of a low demand is 0.4, while the probability of a medium and high demand is each 0.3.
(a) What decision would an optimist make?
(b) What decision would a pessimist make?
(c) What is the highest possible expected monetary value?
(d) Calculate the expected value of perfect information for this situation.
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(a) Alternative 3
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(b...
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