Consider the accompanying payoff table. Complete parts a through e below.

Demand Level

Alternative

$1$

$2$

$3$

A

$ $600$

$ $800$

$ $1$ comma $100$

B

$ $300$

$ $900$

$ $1$ comma $700$

C

negative $ $500$

$ $700$

$ $2$ comma $300$

Question content area bottom

Part $1$

a$.$ Choose the best alternative using the maximax criterion.

Alternative

C

is the best alternative based on the maximax criterion because its

maximum

payoff is the

highest

of all the actions.

Part $2$

b$.$ Choose the best alternative using the maximin criterion.

Alternative

A

is the best alternative based on the maximin criterion because its

minimum

payoff is the

highest

of all the actions.

Part $3$

c$.$ Choose the best alternative using the equally likely criterion.

Alternative

B

is the best alternative based on the equally likely criterion because its

average

payoff is the

highest

of all the actions.

Part $4$

d$.$ Choose the best alternative using the minimax regret criterion.

Alternative

$$

A

C

B

is the best alternative based on the minimax regret criterion because its

$$

average

minimum

maximum

regret is the

$$

lowest

highest

of all the actions.