Problem 1 The "equally likely" decision criterion is equivalent to a "maxi-mean" rule. A related, but not necessarily equivalent rule would be "maxi-median. Apply a "maxi-median" rule to the following payoff table. Which alternative is best under this rule? Is it the same as the best alternative under the "equally likely" rule? Outcomes Alternatives Alpha Beta Gamma Delta A $ 600 $800 $900 $100 B $1500 $600 $500 $400 $ 850 $850 $50 $750 Problem3 Xun Xu's Aeronautics is comparing market research proposals from two different companies. If both research reports were free, the EMV using the report from Jackson Analytics would be $240,000, while the EMV using the report from Witt Consulting would be $265,000. The report from Jackson Analytics would cost $15,000, and the report from Witt Consulting would cost $50,000. With no market research, the EMV would be $180,000. With perfect information, the EMV would be $300,000 (a) What is the expected value of sample information for both proposals? (b) What is the efficiency of sample information for both proposals? (c) Which proposal, if either, should be chosen