Question: The following is a Payoff Table. Utilize it to Solve the Following Questions: Event A B 1 50 10 2 300 100 3 500 200

The following is a Payoff Table. Utilize it to Solve the Following Questions:

Event A B

1 50 10

2 300 100

3 500 200

The Probability of Event 1 is .8 the Probability of event 2 is .1 and the probability of Event 3 is .1

First: Determine the Optimal action based on the Maximax Criterion

Second: Determine the Optimal action based on the Maximin Criterion

Third: What would the Monetary Value Be for these 2 Actions?

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