Given the Payoff Matrix Below,answer the Following Questions

question 50

Essay

Given the payoff matrix below,answer the following questions:
(a)If somehow you find out for certain that state of nature #4 is going to occur,which alternative will you select?
(b)If you feel that P(#1)= .4,P(#2)= .3,P(#3)= .2,and P(#4)= .1,
(i)What is your expected payoff under certainty?
(ii)Which alternative has the highest expected monetary value?
(iii)What is your expected value of perfect information?

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