1. Suppose that a decision maker faced with three decision alternatives (d1, d2 and d3 ), and three states of nature (s1, s2 and 53) develops the following profit payoff table: State of Nature Decision Alternatives $1 S2 S3 di 455 315 254 dz 300 350 350 dz 285 542 651 If nothing is known about the probabilities of the two states of nature, what is the recommended decision using: a. Optimistic approach b. Conservative approach c. minimax regret approach QUESTION 2 2. For Question 1, suppose that the decision maker believes that the probability of state of nature si is 0.35, the probability of state of nature s2 is 0.45 and the probability of state of nature S3 is 0.2. Complete the following: a. Draw a decision Tree. b. Use the expected value approach to determine an optimal decision