3. A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity. The contractor must now make a decision on the capacity for next year. Estimated profits under each of the two possible states of nature are in the below table. Suppose the contractor has estimated the probabilities of low \& high demands: P( low )=0.3 and P( high )=0.7 a. Determine the expected profit of each alternative. b. Pick the best alternative using a decision tree. c. Compute the expected value of perfect information (EVPI). d. Which alternative should be selected if the decision criteria is - (I) Maximax; (II) Maximin, (III) Laplace; (IV) Minimax regret