A local real estate investor in Orlando is considering three alternative investments; a motel, a restaurant, or a theater. Profits from the motel or restaurant will be affected by the availability of gasoline and the number of tourists; profits from the theater will be relatively stable under any conditions. The following payoff table shows the profit or loss that could result from each investment:

Investment

Motel Restaurant Theater

Weather Conditions

Shortage $-7,500 $12,000 3000

Stable $12,000 7,000 6,000

Surplus $23,000 6,500 4,000

Determine the best investment, using the following decision criteria.

1. Maximax
2. Maximin
3. Minimax regret
4. Hurwicz ( = 0.4)
5. Equal likelihood

Please show your work I'm really stuck on #4 & #5