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Submit Assignment Points 20 Submitting a text entry box or a file upload Due Tuesday by 11:59pm A machine shop owner is attempting to decide whether to purchase a new drill press, a lathe, or a grinder. The profit or loss from each purchase are shown in the following table where one of two states of nature could occur (the company succeeds in getting a military contract, or it does not get a contract). Contract status Get Contract No contract Purchase -8000 Drill press 40000 25000 Lathe 4000 Grinder 10,000 12000 -for each purchase decision show the numbers you use when using an optimistic method of choosing which one item to purchase and indicate which item is purchased by this method. b-for each purchase decision show the numbers you use when using a conservative method of choosing which one item to purchase and indicate which item is purchased by this method. c-show the numbers you use in a new table using the minimax regret method of choosing which one item to purchase and indicate which item is purchased by this method. d-What is the expected monetary value of each purchase option when the probability of getting contract is 4 and which is the best option under this probability? e-Since 4 may be incorrect as the probability of getting a military contract, over what range of values for the probability of getting a contract would each purchase option be the most favored? Show your work