Referring to the table, what is the optional action using the EMV criterion?
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The following payoff matrix is given in dollars:
Event Probability Action A Action B
1 0.5 400 700
2 0.5 200 500
Referring to the table, what is the optional action using the EMV criterion?
A. Action A
B. Action B
C. Either Action A or Action B
D. It cannot be determined from the information given
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The correct answer is B: Action B should be chosen.
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