1. Considering that the probabilities applicable to demand are not known, show the decision recommendations from the points of view of MXMX; MXMN; REALISM at Alpha = .8; EQL LIKEHD; and MIN. REGRETS. Do you see a pattern? Which equipment would you choose? Explain. 2. Consider now that the probabilities for demand being low, medium and high have been calculated as .25, .30, and .45, respectively. By using a decision tree, find the expected value (XBAR), the standard deviation (SIGMA), and the coefficient of variation (CoV) for each size of equipment. Which size of equipment would you recommend on the basis of the three statistics that you calculated? 3. Referring to the Z-Table, calculate the probability that each alternative (each different equipment) will turn out at least a $50 profit? What is the likelihood that each alternative will produce a profit BETWEEN $45 and $70?