A group of investors wants to open up a jewelry store in a new shopping center. The investors are trying to decide whether to stock the store with inexpensive jewelry, medium-priced jewelry, or expensive jewelry. The probability of their choice depends upon the economic conditions. The payoff table below gives the anticipated profits for different states of the economy. The probability of prosperity is 0.5. 
a.Determine the expected value of each alternative and indicate which decision alternative is the best.
b.Determine the expected value with perfect information about the states of nature.
c.Determine the expected value of perfect information.
Definitions:
Long-Term Objectives
Goals or targets that an organization aims to achieve over an extended period, typically over several years.
Company's Benefits
The range of perks and supports offered by an employer to its employees, which may include health insurance, retirement plans, and paid time off.
Retirement Plans
Financial strategies or programs that allow individuals to save for their retirement, often with contributions from employers.
Union Demands
Requests or requirements issued by a labor union on behalf of its members, often relating to wages, working conditions, and benefits during negotiations.
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