Julie is planning to open a restaurant and is considering two possible locations.She has estimated the payoff for each location for each of three different possible levels of restaurant popularity (state of nature)as shown below. 
Suppose that Julie estimates the following probabilities for each level of restaurant popularity. 
The expected value of perfect information is 70.
Definitions:
Competitive Market
A market structure characterized by a large number of buyers and sellers, where no single entity can dictate prices or market conditions.
Sunk Costs
Costs that have already been incurred and cannot be recovered.
Business Strategy
It's a plan of action designed by business leaders to achieve competitive advantage and successfully compete in the market.
Average Total Cost
The total cost of production divided by the number of units produced, indicating the average cost per unit of output.
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