Question 3 (18 points) An investor is considering four different opportunities: A, B, C, or D. The payoff for each opportunity will depend on the economic conditions, represented in the payoff table below. Investment B D Probability Payoff Table Economic Conditions Poor Average Good Excellent 50 75 20 30 80 15 40 50 300 -200 -80 10 25 25 25 25 0.35 0.5 0.1 0.05 Parta) Give the maximax, maximin, and equal likelihood criterion. What investment would be made using these criterion? Note: Excel formulas not required. The maximax criterion The maximin criterion: This leads to a decision of This leads to a decision of (Type A, B, C, or D.) (Type A, B, C, or D.) The equal likelihood criterion: A: B: C D: This leads to a decision of (Type A, B, C, or D.)