sprealistic Edwards Machine Tools needs to purchase a new machine. The basic model is slower but costs less, whereas the advanced model is faster but costs more. Profitabili depend on future demand. The following table presents an estimate of profits over the next three years. Demand Volume Decision Low Medium High Basic model $80,000 $130,000 $140,000 Advanced model $50,000 $130,000 $205,000 Fill in the table below for maximum and minimum profit payoffs under each model. Round your answers to the nearest dollar. Maximum Minimum Decision alternative Basic model $ Advanced model Calculate the amounts foregone by not adopting the optimal course of action for each possible demand level. Determine the maximum opportunity cost for each model. Fill in the table below. If your answer is zero, enter"O" Round your answers to the nearest dollar. Opportunity Loss Matrix Decision alternative Basic model $ Future events Medium Low High Maximum Advanced model $ you make Given the uncertainty associated with the demand volume, and no other information to work with what decision The aggressive strategy (maximax) is to choose the -Select- The conservative strategy (maximin) is to choose the Select- V The opportunity loss strategy is to choose the select Hints) Check My Work (2 remaining) W O 1:52 AM 7/18/2021 Bi 12 74F DOLL