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solve these both parts and i will leave a like and upvote A small building contractor has recently experienced two successive years in which work

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A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity. The contractor must now make a decision on capacity for next year. The capacity alternatives are Do Nothing, Expand, Subcontract, or Run 2nd Shift. Estimated profits (in thousands) under each of the three possible states of nature (Low, Medium and High Demand) are shown in the table below. Using the maximin decision criteria, what is the maximum minimum payoff (in thousands)? Alternatives: Low Demand Medium Demand High Demand Do Nothing 45 50 51 Expand 59 52 52 Subcontract 34 59 63 Run 2nd Shift 51 74 64 A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity. The contractor must now make a decision on capacity for next year. The capacity alternatives are Expand or Subcontract. Estimated profits (in thousands) under each of the two possible states of nature (Low Demand, High Demand) are shown in the table below. Using the minimax regret decision criteria, what is the minimum maximum regret (in thousands)? High Demand Alternatives: Expand Subcontract Low Demand 54 56 21 79 A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity. The contractor must now make a decision on capacity for next year. The capacity alternatives are Do Nothing, Expand, Subcontract, or Run 2nd Shift. Estimated profits (in thousands) under each of the three possible states of nature (Low, Medium and High Demand) are shown in the table below. Using the maximin decision criteria, what is the maximum minimum payoff (in thousands)? Alternatives: Low Demand Medium Demand High Demand Do Nothing 45 50 51 Expand 59 52 52 Subcontract 34 59 63 Run 2nd Shift 51 74 64 A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity. The contractor must now make a decision on capacity for next year. The capacity alternatives are Expand or Subcontract. Estimated profits (in thousands) under each of the two possible states of nature (Low Demand, High Demand) are shown in the table below. Using the minimax regret decision criteria, what is the minimum maximum regret (in thousands)? High Demand Alternatives: Expand Subcontract Low Demand 54 56 21 79

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