Hobby Shop
A payoff table and the prior probabilities for two states of nature for a Hobby Shop are shown below: Payoff Table: 
Prior Probabilities: P(s1)= 0.4,and P(s2)= 0.6.
-{Hobby Shop Narrative} Determine the EMV decision.
Definitions:
Equilibrium
Equilibrium is the state in a market where the quantity supplied equals the quantity demanded, resulting in market stability and no incentive for price changes.
Minimum Wage
The lowest legally permissible wage that employers can pay their employees, intended to protect workers from unduly low pay.
Labor Shortage
A situation in which employers are unable to fill vacancies with qualified candidates, often due to a lack of available workers or skills in the labor market.
Worker Hours
The amount of time that employees spend working during a given period, often measured in hours per week or month.
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