Question 5 Not yet and Pas question As the construction business going through tough times, the construction firm Acme, Inc. must decide whether to bud single-family homes, apartments, or condominiums. He estimates annual profits (in 5000) will vary with the population trend as follows: Grow Population Trend TYPO Decline Stable Single 200 Last 2 digits 100 Family of Your ID Apartme70 Last 2 digits of 170 Your ID Condos 20 100 85 90 250 a. If he uses the maximin criterion, which type will he decide to build? (2 pts) b. If he uses the maximax criterion, which type will he decide to build? (2 pts) c. If he uses the equally likely criterion, which type will he decide to build? (2 pts) d. If he feels the chances of declining stable, and growing population trends are 20%, 40%, and 40%, respectively, which kind of houses will he decide to build? (2 pts) e. If he feels the chances of declining, stable, and growing population trends are 20%, 40%, and 40%, respectively, what is his expected value of perfect information? (4 pts) BI SE Question 5 Not yet and Pas question As the construction business going through tough times, the construction firm Acme, Inc. must decide whether to bud single-family homes, apartments, or condominiums. He estimates annual profits (in 5000) will vary with the population trend as follows: Grow Population Trend TYPO Decline Stable Single 200 Last 2 digits 100 Family of Your ID Apartme70 Last 2 digits of 170 Your ID Condos 20 100 85 90 250 a. If he uses the maximin criterion, which type will he decide to build? (2 pts) b. If he uses the maximax criterion, which type will he decide to build? (2 pts) c. If he uses the equally likely criterion, which type will he decide to build? (2 pts) d. If he feels the chances of declining stable, and growing population trends are 20%, 40%, and 40%, respectively, which kind of houses will he decide to build? (2 pts) e. If he feels the chances of declining, stable, and growing population trends are 20%, 40%, and 40%, respectively, what is his expected value of perfect information? (4 pts) BI SE