Mickey Lawson is considering investing what he inherited. The following payoff table gives the profits

that would be realized during the next year for each of three investment alternatives Mickey is

considering. Mickey is currently exploring three investments: the stock market, bonds, and CDs$.$ These

alternatives present varying potential returns in different economic scenarios. In a favorable economy,

Mickey anticipates earning $$80,000$ from stocks, $$30,000$ from bonds, and $$23,000$ from CDs$.$

Conversely, in an unfavorable economic climate, the expected returns are $-$$$20,000$ from stocks,

$$20,000$ from bonds, and $$23,000$ from CDs$.$ The probabilties of favorable and unfavorable economy

is $50$:$50.$

$1.$ What decision would maximize expected profits?

$2.$ What is the maximum amount that should be paid for a perfect forecast of the economy?

$3.$ Develop an opportunity loss table for the investment problem that Mickey Lawson faces. What

decision would minimize the expected opportunity loss? What is the minimum EOL?