Question (3): Based on what you have studied in decision analysis theory, solve the following problem: (10 marks) Fatima is considering the possibility of opening a small dress shop the Diplomatic area, a few blocks from the university. She has located a good place to attract students. Her options are to open a small shop, a medium-sized shop, or no shop at all. The market for a dress shop can be good average, or bad. The probabilities for these three possibilities are 0.2 for a good market, 0.5 for an average market, and 0.3 for a bad market. The net profit or loss for the medium-sized and small shops for the various market conditions are given in the following table. State of Nature Good market (S) Average market (S) 75 000 25 000 Bad market (S) 40 000 Alternatives Small shop Medium-sized shop No shop 100 000 35 000 60 000 0 0 0 From the table above solve the following questions: a) What is the maxi-max decision (Optimistic)? (3 Mark) b) What is the maxi-min decision (pessimistic)? (3 Mark) c) Determine the EMV criterion if the decision-making environment is under risk. (4 marks)