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For the problem given in Question 3, assume that the probability of brisk business level is 0.2, the

Question: For the problem given in Question 3, assume that the probability of brisk business level is 0.2, the probability of medium business level is 0.5, and the probability of slow business level is 0.3.

(a) What is your recommendation using the expected value criterion?

(b) What is your recommendation using the expected opportunity loss criterion?

(c) Calculate and interpret the value of perfect information for this problem.

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