The following payoff table shows the profit for a decision problem with two states of nature anwo decision alternatives.Decision Alternatived₁d₂052Submit Answer- [-/6 Points]State of Nature$1115(a) Suppose P(s) = 0.2 and P(s₂) = 0.8. What is the best decision using the expected value approach?The best decision is --?--✓ with an expected value ofDETAILS$2(b) Perform sensitivity analysis on the payoffs for decision alternative d₁. Assume the probabilities are as given in part (a), ansolution found in part (a) optimal.2As long as the payoff for s, under d, is |--?-- ▼14As long as the payoff for s, under d₁ is --?-- v2Is the solution more sensitive to the payoff under state of nature s₁ or s₂?O 51then the solution found in part (a) will be optimal.then the solution found in part (a) will be optimal.CAMMIMS16 14.E.015.

Given information Decision alternative s1 s2 d1 11 2 P(s1)= 0.2 d2 5 4 P(s2)= 0.8

Answered: The following payoff table shows the…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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