The owner of Tastee Patties is considering three options for a facility next, year. She can expand her current shop, move to a larger facility, or make no change. The payoff table below lists the rewards for each alternative under the various states of nature. Tastee Payoff Table 1. Which option should the owner choose if she uses the LaPlace criterion? ( 2. Using a maximarks) 2. Using a maxifnax approach. what altemative would the owiser choose? (3 marks). 3. What ahernative would she choose under-the maximin criterion? (3 marks) 4. What decision would be made using the minimax criterion? (5. mars) 5. If the probablity of a favourable market is 25% the probability of an averoge market is 45% and the ptobabisty of an unfavourable market is 30 se using EMV. what option should the owner choose and What is that optimat expected value? [5 Marks 6 What if the most the owner would be willing to pay for additional intormation? (8 marks): 7. werify your ahswer using the Expected Oppciturity woss FOL mathod, (6) markel