Part 1: Risk and U : You are making widgets and must decide how much input to use. The optimal amount of input varies according to the weather. Three states of weather are possible (excellent, average, poor). Based on past experience, you think there is a 20 percent chance of an excellent year; 40 percent chance of an average year; and 40 percent chance of a poor year. Three input levels are possible (low (5 units), medium (10 units), and high (16 units). The input costs $3.45 per unit. Widgets are expected to be worth $6.20 each. The following table relates the weather states and input actions to yield/production of widgets. Inputs Used Low Med High 5 units 10 units 16 units Weather Yield/Production Excellent Average Calculate the net returns for each weather state and input action in the table below. Fill in each of the 9 boxes below. Inputs Used Med 10 units 16 units Net Return Excellent __ nege | o e a. What action yields the highest expected net returns per acre? What is the highest expected net return value? h. What action is chosen using the maximin criterion? . What action is chosen using the maximax criterion? d. What action is chosen using the \"most likely state\" criterion