Part 1: Luna, a former cfass mate of Kiana's, has developed a new product called the rCat Case. Luna advice on how she should evaluate her options. Kiana suggested they develop a payoff table and the her options. First, they had to determine the Decision Alternatives. States of nature and payoffs. Luna was trying to decide betwee n: {1} Sell the product to another company and move to the beach, {2} Hire SBPR to market and distribute the product, {3} Market the product herself and sell on Amazon. Selling the product directly. she can seli it for $50,000. If she chooses to hire SBPR to market and distribute the product, her payoff will depend on the eco {or states of nature}. If the economy is "good", then the estimated payoff to Luna is $30,001 "Mo estimated to have a payoff of 60,000. \"Bad" economy is estimated to have a payoff of $35,000 and i Crisis", it would return nothing to Luna. If she chooses to market the product herself and sell on Amazon, her payoffs are as follows: If there she estimates a payoff to be $100,000. "Moderate" economy is estimated to have a payoff of $30, estimated to have a payoff of $40,000 and "Financial Crisis \"would cost Luna $15,000. Questions: 1} 1IAI'hat are the decision alternatives? What are the States of Nature? 1IAI'hat are the payoffs? Build the payoff table on Excel and label these items. 2} 1What's the best decision based on Maximin? 3} 1IAI'hat's the best decision based on Maximax? 4} Laplace? 5} Min imaJ-r Regret