need some help answering question 1 and 2

B coursehero.com ' \"W u can next . C PREV NEXT Q [Page 55] (continued)] oblems l A farmer in Iowa is considering either leasing some extra land or investing in savings certicates at the local bank. If weather conditions are good next year, the extra land will give the farther an excellent harvest. However, if weather conditions are bad, the farmer will lose money. The savings certicates will result in the same return, regardless of the weather conditions. The return for each investment, given each type of weather condition, is shown in the following payoff table: Weather Decision Good Bad Lease land $90,000 $ 40,000 apter 12. Decision Analysis Page 51 of 80 Buy savings certicate 10,000 10,000 Select the best decision, using the following decision criteria: a. Maximax b. Maximin [Page 552] 2. The owner of the Burger Doodle Restaurant is considering two ways to expand operations: open a drive-up window or serve breakfast. The increase in prots resulting from these proposed expansions depends on whether a competitor opens a franchise down the street. The possible prots from each expansion in operations, given both future competitive situations, are shown in the following payoff table: Competitor Decision Open Not Open Driveup window $ 6,000 $20,000 Breakfast 4,000 8,000 Select the best decision, using the following decision criteria. a. Maximax b. Maximin I?\" Stevie Stone, a bellhop at the Royal Sundown Hotel in Atlanta, has been offered a management position. Although accepting the offer would assure him a job if there were a recession, if good economic conditions prevailed, he would actually make less money as a manager than as a bellhop (because of the large tips he gets as a bellhop). His salary during the next 5 years for each job, given each future economic condition, is shown in the following payoff tal:._