Food Market
The following table displays the payoffs (in thousands of dollars)for five different decision alternatives under three possible states of nature for a new food market: The prior probabilities of the states of nature are: P(s 1 )= 0.2,P(s 2 )= 0.3,and P(s 3 )= 0.5.
-{Food Market Narrative} Calculate the expected monetary value for each alternative with present information.What decision should be made using the EMV criterion?

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Food Market 
The following table displays the payoffs (in thousands of dollars)for five different decision alternatives under three possible states of nature for a new food market:  The prior probabilities of the states of nature are: P(s 1 )= 0.2,P(s 2 )= 0.3,and P(s 3 )= 0.5. ​ ​
-{Food Market Narrative} Calculate the expected monetary value for each alternative with present information.What decision should be made using the EMV criterion?

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The Answer of Food Market 
The following table displays the payoffs (in thousands of dollars)for five different decision alternatives under three possible states of nature for a new food market:  The prior probabilities of the states of nature are: P(s 1 )= 0.2,P(s 2 )= 0.3,and P(s 3 )= 0.5. ​ ​
-{Food Market Narrative} Calculate the expected monetary value for each alternative with present information.What decision should be made using the EMV criterion?

Food Market The Following Table Displays the Payoffs (In Thousands of Dollars)for