(a) -(c) please.

Question 3 [6 points] A firm is considering one of three alternatives in response to demand uncertainty. The payoff associated with each alternative and all possible demand realizations is given below: Alternative Small facility Medium facility Large facility Low $10M 7M Moderate High 10M 10M 12M 12M -4M 2M 16M The probability of Low, Moderate and High demand is 0.3, 0.5 and 0.2, respectively, a. 13 points What is the optimal alternative if the firm's objective is to: maximize expected payoff? maximize worst-case scenario, i.e., use maximin rule? maximize best-case scenario, i.e., use maximax rule? b. [1 point Discuss the advantages and disadvantages of using each decision criterion (expected value, maximin, maximax) C. 12 points] What should be the firm's willingness-to-pay for obtaining perfect demand information