Clay Whybark a soft-drink vendor at Hard Rock Cafe%u2019s annual Rockfest crea

Clay Whybark a soft-drink vendor at Hard Rock Cafe%u2019s annual Rockfest created a table of conditional values for the various alternatives
(stocking decision) and states of nature (size of crowd): States of Nature (demand) Alternatives Big Average Small Large stock $24000 $10000 -$1500 Average stock $16000 $11000 $6500 Small stock $ 9600 $ 8000 $3200
The probabilities associated with the states of nature are 0.25 for a big demand 0.55 for an average demand and 0.20 for a small
demand. * a) Determine the alternative that provides Clay Whybark the greatest expected monetary value (EMV).

(Large Average or small stock)

* b) Compute the expected value of perfect information (EVPI).