please use correct formulas and show work

246 pts) Use the following table to answer a-d. The payoffs are NET Benefits. State-of-Nature 1 10 Decision State of Nature Alternative 1, (A1) Alternative 2, (A2) Alternative 2, (A3) Alternative 2, (A4) 5 0 State-of-Nature 2 0 20 35 0 State-of-Nature 3 -5 50 65 -10 State-of-Nature 4 25 35 0 20 15 Using different criteria identify, what is the best alternative and associated payoff? a. (0.5 pts) Optimistic criterion Decision: b. (0.5 pts) Pessimistic criterion Decision: Construct a regret table using the table above. State-of-Nature 1 State-of-Nature 2 State-of-Nature 3 State-of-Nature 4 Alternative 1, (A1) Alternative 2, (A2) Alternative 2, (A3) Alternative 2, (A4) What is the best alternative using C. (2 pts) _regret criterion? Decision: In the following table calculate Hurwicz (a=.25) and Equal Likelihood (Laplace) Criteria: Decision Hurwitz Laplace Alternative 1, (A1) Alternative 2, (A2) Alternative 2, (A3) Alternative 2, (A4) What are the best alternatives using Hurwicz and Laplace criteria? e. (1 pts) Hurwicz (a=.25) Decision: f. (1 pts) Equal likelihood Decision (1pts) Final Decision