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Q16
Expected value of perfect information = Expected value with perfect information - Expected value without perfect information
Now,
Expected value with perfect information = Best alternative for each state of nature = 5*0.6 + 2*0.4 = 3.8
Expected value without perfect information = Best of weighted average = Max(5*0.6 - 3*0.4 , 3*0.6+ 2*0.4) = Max( 1.8, 2.6) = 2.6
Therefore, expected value of perfect information = 3.8-2.6 = 1.2 ANSWER
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