Question 7 1 pts Use this information for 5 questions. We must reject (A1), further analyze (A2), or accept (A3) a lot of incoming material for quality improvement purposes. The payoff table is below. Based on historical data, there is 30% chance that the lot is good quality (S1), 50 % chance that the lot is fair quality (S2), and 20% chance that the lot is poor quality (53). S1 S2 S3 40 50 80 A1 A2 10 70 60 90 30 10 Use the maximax criterion. What action is recommended? Two or more of the actions are tied A1 A2 A3 Question 8 1 pts Use the maximin criterion. Which action is recommended? A2 A1 Two or more of the actions are tied Question 9 1 pts Use the minimax regret criterion? Which action is recommended? A1 A2 Two or more of the actions are tied Question 10 1 pts Use the expected value criterion. What action is recommended? A1 Two or more of the actions are tied A2 Question 11 1 pts What is the most you would be willing to pay for perfect information? 53 103 None of these are correct 78 25