Consider the data given in problems 3 and 4 for National Foods. The firm can hire the noted sport’s pundit Jim Worden to give his opinion as to whether or not the Super Bowl game will be interesting....

Consider the data given in problems 3 and 4 for National Foods. The firm can hire the noted sport’s pundit Jim Worden to give his opinion as to whether or not the Super Bowl game will be interesting. Suppose the following probabilities hold for Jim’s predictions:

a. If Jim predicts the game will be interesting, what is the probability the game will be dull?

 b. What is national’s optimal strategy if Jim predicts the game will be (i) interesting or (ii) not interesting?

 c. What is the expected value of Jim’s information?