Broncs Development firm is considering three alternate construction projects: a motel, a theater, or a restaurant. Profits from the motel or restaurant will be affected by future economic conditions in the area. The following payoff table shows the monthly profit or loss that could result from each investment. It is estimated that the probabilities of Poor, Fair, and Good economic conditions are $0\mathrm{.}35,0\mathrm{.}45,0\mathrm{.}20,$ respectively. Determine the best decision according to each of the following strategies $($criteria$)$:

a$.$ Maximin; b$.$ Maximax; c$.$ Equal Likelihood $($Laplace$)$;

d$.$ Expected Monetary Value; e$.$ Minimax regret.

f$.$ Determine the expected value of perfect information. Show your work. STATE YOUR DECISION CLEARLY IN WORDS.

ECONOMIC CONDITIONS

INVESTMENT Poor Fair Good

Motel $$8,000$ $$15,000$ $$20,000$

Restaurant $2,0008,0006,000$

Theater $6,0006,0005,000$