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For the problem given in Question 3, assume that the probability of high customer response is 0.2, t

Question: For the problem given in Question 3, assume that the probability of high customer response is 0.2, the probability of medium customer response is 0.4, and the probability of low customer response is 0.4.

(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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