Question: 3. Consider the following data (15 points): Payoff Table State of Nature 1 Decision Alternative State of Nature 2 D1 5 7 D2 4

3. Consider the following data (15 points): Payoff Table State of Nature

3. Consider the following data (15 points): Payoff Table State of Nature 1 Decision Alternative State of Nature 2 D1 5 7 D2 4 1 D3 1 -3 D4 10 2 D5 6 4 a. What is the optimal decision based on the Optimistic Approach? b. What is the optimal decision based on the Pessimistic Approach? c. Determine the optimal decision based on the Minimax Regret Approach. (Show your work) Consider the following decision trou

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