QUESTION 1. Glencore has some funds to invest in developing a new coal mine. However, due to recent events it can only afford to make one investment. The choices and pay-offs depend on the size of the coal find and are described in Table 1. Australia Chile India Quantity of coal found Low Med High 80 110 130 -20 100 150 -150 50 200 Probability 0.4 0.1 0.5 Table 1. Payoff table for Glencore's investment decision 1a) Identify which decision would be taken with each of the decision making under uncertainty" criteria: Maximax; Maximin; Laplace; Minimax; Hurwitz (with a =0.6); and Maximum Likelihood. (60%) 1b) Using the decision making under risk criteria, calculate all of the following: Expected Monetary Value (EMV); Expected Opportunity Loss; Expected Profit from a Perfect Predictor, Expected Value of Prefect Information. (40%)