A factory wants to improve its service capacity by purchasing a new machine. Three different machines are available. The table below displays the estimated profits for all combinations of decisions with outcomes. States of Nature (Outcomes) Decisions High demand Average demand Low demand Purchasing Machine A $10000 $3000 $-4000 Purchasing Machine B $6000 $4000 $-2000 Purchasing Machine $2000 $500 $0 Probabilities 0.5 0.5 0.2 0.3 Questions: 1. In case of uncertainty, apply the Maximax and Maximin criteria to find the corresponding best decision. (3 Marks) 2. Use the expected monetary value (EMV) method to find the best decision. (3.5 Marks) 3. A data analytic company proposed to the decision maker certain information about the market condition for $3000. Should the decision maker purchase the information for that price? Explain why. (3.5 Marks)