2. A startup tech company is planning to introduce a new device which it believes will be useful for both businesses and consumers. It has some novel features that might not appeal to some people, so whether to market the present design is still up in the air. After careful consideration of costs, (e.g., there is a fixed cost of $20 million for developing the present design), the projected state of the economy, etc., Ray, the product manager came up with the following payoff table (in Smillions) a. What is the highest possible return for each state of nature. Show all work to get the full credit for the problem (4 pts.) b. Show the regret table below. SHOW ALL WORK TO GET FULL CREDIT. ( 6 pts.) c. Calculate the minimax regret below. SHOW ALL WORK TO GET FULL POINTS. (3 pts.) d. What decision should be made? Why? (2 pts.) 2. A startup tech company is planning to introduce a new device which it believes will be useful for both businesses and consumers. It has some novel features that might not appeal to some people, so whether to market the present design is still up in the air. After careful consideration of costs, (e.g., there is a fixed cost of $20 million for developing the present design), the projected state of the economy, etc., Ray, the product manager came up with the following payoff table (in Smillions) a. What is the highest possible return for each state of nature. Show all work to get the full credit for the problem (4 pts.) b. Show the regret table below. SHOW ALL WORK TO GET FULL CREDIT. ( 6 pts.) c. Calculate the minimax regret below. SHOW ALL WORK TO GET FULL POINTS. (3 pts.) d. What decision should be made? Why? (2 pts.)