Stats. Solve all parts

A real estate investor is considering three alternative investments: apartment building, office building, and warehouse. The profit that will result from each alternative will be determined by whether the economic/political climates will decline, remain the same, or improve. The following payoff table shows the profit or loss that could result from each investment. Determine the best investment using the following decision criteria. Size of Order Demand Level Decline Same Improve Apartment -$8,000 $15,000 $20,000 Office $2,000 $8,000 $5,500 Warehouse $6,000 $6,000 $5,000 (a) Maximax (2 marks) (b) Maximin (2 marks) (c) Hurwicz criterion (a = 0.4) (5 marks) (d) Minimax Regret (5 marks) (e) Comment on the decision maker's personality in part (a) and (b). (2 marks) (f) Expected value approach given probabilities of decline, same and improve demand are 0.35, 0.40, 0.25 respectively, on the basis of his past experience with demand level. (5 marks) (g) What is the expected value of perfect information, EVPI? (4 marks)