Question: THIS IS ALL ONE QUESTION. ANSWER COMPLETELY PLEASE 2. Publishing company AAA is scheduled to revise one of their textbooks. The following payoff table summarises

THIS IS ALL ONE QUESTION. ANSWER COMPLETELY PLEASE

2. Publishing company AAA is scheduled to revise one of their textbooks. The following payoff table summarises the possible revision decisions with profit (or loses) for the three- year lifecycle of the new edition, and the future states of nature relative to the competitive market. Table 1Payoff table Publication decision Competitive market Unfavourable (RM) Same (RM) Favourable (RM) Paperback 68,000 170,000 395,000 Similar revision 24,000 375,000 672,000 Major content revision 31,000 515,000 725,000 Major physical revision -105,000 280,000 972,000 Determine the best decision for the publisher using the following criteria: i. Maximax ii. Minimax iii. Equal likelihood iv. Hurwicz (a=0.35)

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