Question: Consider the following payoff table that represents profits earned for each alternative (A,B, and C) under the states of nature S1,S2, and S3 Outcomes Alternatives

Consider the following payoff table that

Consider the following payoff table that represents profits earned for each alternative (A,B, and C) under the states of nature S1,S2, and S3 Outcomes Alternatives . S1 $60 $75 $95 S2 $145 $125 $85 S3 $120 $110 $130 B 1) Calculate the highest expected payoff based on maximax. 2) Calculate the highest expected payout based on maximin. 3) Calculate the highest expected payoff based on equally likely criterion 4) Calculate the highest expected payoff based on criterion of realism

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