the plant now. If one of the first two alternatives is chosen, the plant will still be sold at the end of a year. The amount of profit (in millions USD) that could be earned by selling the plant in a year depends on foreign market conditions, including the status of a trade embargo bill in Congress. The following payoff table describes this decision situation: Note: a,b and c are three different integers that will be chosen in the interval [500,1,000]. PartA 1. Determine the best decision by using the following decision criteria: Maximax and 2. Minimax regret Part B Assume that it is now possible to estimate the probabilities of the different states of nature. The foreign market competitive conditions are very good with a probability of 0.1 and poor with a probability of 0.2 2. Choose the other probabilities by yourself, but in a meaningful way. List these probabilities you are using. Determine the best decision by using expected monetary values. Explain. Bernard Tuo, a corporate raider, has acquired a textile company and is contemplating the future of one of its major plants, located in South Carolina. Three alternative decisions are being considered: (1) expand the plant and produce lightweight, durable materials for possible sales to the military, a market with little foreign competition; (2) maintain the status quo at the plant, continuing production of textile goods that are subject to heavy foreign competition; or (3) sell