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You must decide whether to buy new machinery to produce product X or to modify existing machinery. You believe the probability of a prosperous economy next year is 0.6 and of a recession is 0.4. The applicable payoff table of profits (+) and losses (-) is : M: Prosperity ($) N2: Recession ($) A, (Buy new) +950.000 -200.000 A2 (Modify) +700.000 + 300.000 a) Use the method of decision making under risk to calculate the expected value out from the alternatives Al and A2. Which alternative should be chosen? (20 Points) b) Assuming complete uncertainty, calculate the expected value out from the alternatives Al and A2 using the Maximax method. Which alternative should be chosen? (20 Points) c) Assuming complete uncertainty, calculate expected the expected value out from the alternatives Al and A2 using the Maximin method. Which alternative should be chosen? (20 Points)d) Assuming complete uncertainty, calculate expected the expected value out from the alternatives Al and A2 using the Hurwicz method given that coefficient a value is 0.3. Which alternative should be chosen? (20 Points) e) Assuming complete uncertainty, calculate the expected value out from the alternatives Al and A2 using the Average method. Which alternative should be chosen? (20 Points)