5. A manufacturer has three different mechanisms that can be produced in his machine that it sells. The different mechanisms have three different setup costs (overheads) and variable costs and, therefore, the profit from the machines is dependent on the volume of sales. The anticipated payoffs are as follows. Light Moderate 0.40 Probability Mechanism A Mechanism B Mechanism C 0.30 $425,000 $400,000 -$300,000 $ 290,000 $320,000 Heavy 0.30 $270,000 $500,000 $900,000 $340,000 a) Which action would be favored by realist? (5p.) b)Which action would be favored by pessimist and optimist? (5p.) c) What is the minimax regret solution? (5p.) d) Which action would be favored by the tradeoff pessimist and optimist at 0.30 alpha level? (5p.) e) Calculate the expected monetary value for each decision alternative. Which decision yields the highest EMV? (5p.)