1. Suppose that a decision maker faced with two decision alternatives (d1 and d2 ), and two states of nature (s1, s2 and s3) develops the following profit payoff table: State of Nature Decision Alternatives s1 s2 s3 d1 1250 750 250 d2 125 650 850 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 2. For Question 1, suppose that the decision maker believes that the probability of state of nature s1 is 0.2, the probability of state of nature s2 is 0.3 and the probability of state of nature s3 is 0.5. Complete the following: a. Draw a decision Tree. b. Use the expected value approach to determine an optimal decision.