Question 3 (8 marks) The following table shows the final payoffs of the selection of 5 types of fruit types for trading under 3 different business conditions: Plum +$1,000 Peach +$500 Fruit Types Cherry -$1,500 Apples -$1,000 Oranges -$500 Bad Condition Fair Condition Good Condition +$2,000 +$2,500 +$1,500 -$500 +$500 +$3,000 +$3,500 +$5,500 +$4,000 +$6,000 Note: Negative Values mean losses; Positive Values mean profits. Required: What will be the decision rules under Maximax Rule, Maximin Rule and Minimax regret Rule? Solutions