. Given below is the payoff for three decision alternatives, d1, d2 & d3 under three staes of nature, S1, S2, & S3 with probabilities of 0.3, 0.3 & 0.4 respectively. What decison should be made based on the EMV criterion? You must show your working. (15 points) Payoff Table (in 000s $) S1 S2 S3 Investment A d1 300 75 50 Investment B d2 100 75 50 Investment C d3 75 75 75 Probabilities 0.3 0.3 0.4 b. For a lottery having a payoff of 300,000 with a probability p and $50 with a probability of (1-p), two decision makers expressed the following indifference probabilities. Find the most preferred decision for each decision maker using the expected utility approach. Is there a difference in the decision of the two decision makers. If yes, what can you say about the two decision makers. Indifference Probability (p) Decision Maker A Decision Maker B 100,000 0.7 0.6 75,000 0.5 0.2 50,000 0.3 0.15