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Problems -3-17 Kenneth Brown is the principal owner of Brown Oil, Inc. After quitting his university teaching job, Ken has been able to increase his annual salary by a fac- tor of over 100. At the present time. Ken is forced to consider purchasing some more equipment for Brown Oil because of competition. His alternatives are shown in the following table: FAVORABLE UNFAVORABLE MARKET MARKET EQUIPMENT 300,000 250,000 75,000 200,000 -100,000 -18,000 Sub 100 Oiler J Texan For example, if Ken purchases a Sub 100 and if there is a favorable market, he will realize a profit of $300,000. On the other hand, if the market is unfa- vorable, Ken will suffer a loss of $200,000. But Ken has always been a very optimistic decision maker. (a) What type of decision is Ken facing? (b) What decision criterion should he use? (c) What alternative is best? 3-18 Although Ken Brown (discussed in Problem 3-17) is the principal owner of Brown Oil, his brother Bob is credited with making the company a financial suc- cess. Bob is vice president of finance. Bob attributes his success to his pessimistic attitude about business and the oil industry. Given the information from Problem 3-17, it is likely that Bob will arrive at a dif- ferent decision. What decision criterion should Bob use, and what alternative will he select