PLEASE SHOW YOUR WORK ON EXCEL AND PROVIDE ANY FORMULAS THAT WERE NEEDED.

Problem 2: A newspaper is considering adjusting its advertising rates for the coming year. The possible payoffs for these strategies will vary according to demand as follows: Low demand Moderate demand High demand Raise rates by 50% Raise rates by 20% Hold rates constant 3 Reduce rates by 20% 1 2 .9 12 8 - 1 5 4 a) Which strategy is best according to the maximax criterion? b) Which strategy is best according to the maximin criterion? c) Which strategy is best according to the Laplace criterion? d) Which strategy is best according to the minimax regret criterion