A firm wishes to choose the location for a new factory. Profits obtained will depend on whether a new railroad spur is constructed to serve the town in which the new factory will be located. The following payoff table summarizes the relevant information: New Railroad Spur Built $1* No New Railroad Spur $14 Alternatives Location A Location B Location C 10 6 *Profits in $ millions. Click here for the Excel Data File (a) Determine the location that should be chosen if the firm uses the maximin criterion. (Enter your answers in millions.) 6 Minimum payoffs: Location A Location B Location C 6 6 Maximum payoff of the minimums: Location (Click to select) S at M (b) Determine the location that should be chosen if the firm uses the maximax criterion. (Enter your ans Maximum payoff for each alternative: Location A Location B Location C $ Maximax payoff: Location (Click to select) C at $ M Hints References eBook & Resources Hint #1 Check my work A firm wishes to choose the location for a new factory. Profits obtained will depend on whether a new railroad spur is constructed to serve the town in which the new factory will be located. The following payoff table summarizes the relevant information: New Railroad Spur Built $1* No New Railroad Spur $14 Alternatives Location A Location B Location C 10 6 *Profits in $ millions. Click here for the Excel Data File (a) Determine the location that should be chosen if the firm uses the maximin criterion. (Enter your answers in millions.) 6 Minimum payoffs: Location A Location B Location C 6 6 Maximum payoff of the minimums: Location (Click to select) S at M (b) Determine the location that should be chosen if the firm uses the maximax criterion. (Enter your ans Maximum payoff for each alternative: Location A Location B Location C $ Maximax payoff: Location (Click to select) C at $ M Hints References eBook & Resources Hint #1 Check my work