Check aty wo Southland Corporation's decision to produce a new line of recreational products has resulted in the need to choose one of two automated manufacturing systems based on proposals from two vendors. A and B. The economics of this decision depends on the market reaction to the new product line. The possible long-run demand has been defined as low, medium, or high. Based on detailed financial analyses of system costs as a function of volume and sales under each demand scenario, the following payoff table gives the projected profits in millions of dollars. Long-Run Demand Decision Vendor A Vendor B Low Medium High $210 $260 $260 570 $260 $610 a. Determine the best decisions using the maximax, maximin, and opportunity loss decision criteria. Using the maximax criterion, choose Vendor Av Using the maxomin criterion, choose Vendor Av To minimize the maximum opportunity loss, choose Vendor A b. Assume that the best estimate of the probability of low long-run demand is 0.30, of medium long-run demand is 0.15, and of high long-run demand is 0.55, What is the best decision using the expected value criterion? Round your answers to two decimal places. The expected payoff for Vendor A is The expected payoff for Vendor is Choose Select million mition. Hint(a) Check My Work