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RE Problem 5S-1 (Static) A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity The contractor must now make a decision on capacity for next year. Estimated profits under each of the two possible states of nature are as shown in the table below. Alternative Do nothing Expand Subcontract NEXT YEAR'S DEMAND Low High $50" $60 20 80 40 70 Profit in $ thousands Click here for the Excel Data File Which alternative should be selected if the decision criterion Is (Enter your answers in thousands.) a. Criterion Max ITTIY Maximin Laplace Minimax regret Answer is complete but not entirely correct. Payoff Alternative $ 80,000 Expand $ 50,000 Do Nothing $ 55,000 % Do Nothing or Subcontract $ 10,000 Subcontract b. C d.