Hint(s) Check My Work 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 Low Medium High Vendor A $210 $260 $260 Vendor B $70 $260 $610 a. Determine the best decisions using the maximax, maximin, and opportunity loss decision criteria. Using the maximax criterion, choose Vendor B V Using the maximin criterion, choose Vendor A V To minimize the maximum opportunity loss, choose Vendor BV 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 $ 310 million. The expected payoff for Vendor B is $ 280 million. Choose Vendor B