Consider a decision analysis problem whose payoffs (in units of thousands of dollars) are given by the following payoff table.

Alternative	State of Nature
High	Low
#1	80	25
#2	30	50
#3	60	40
Prior probability	0.4	0.6

a decision tree to help you answer the following questions:

1) What alternative would you choose under Maximin criteria? Explain.

2) What alternative would you choose under Maximax criteria?Explain.

3) What alternative would you choose under Maximum Likelihood criteria?Explain.

4) What alternative would you choose under Bayes' decision rule?Explain.

5) What is the expected value under Bayes' decision rule?