Use the following information regarding managing risk by a steer feedlot. The manager can purchase 300, 400, or 500 steers and the payoffs will depend on the weather that year. Weather outcome Good Average Poor Probability 0.1 0.6 0.3 Buy 300 $15,000 8,000 2,000 Purchase strategy Buy 400 Buy 500 $20,000 $25,000 10,000 12,000 -4,000 13. Which strategy should be selected under the "maximax" decision rule? a. Buy 300 b. Buy 400 c. Buy 500 d. Buy 0 e. None of the above 14. Which strategy should be selected under the "maximin" decision rule? a. Buy 300 b. Buy 400 c. Buy 500 d. Buy 0 e. None of the above 15. What is the simple average of the Buy 300 strategy? a. $20,000 b. $10,000 c. $8,333.33 d. $2,000 e. None of the above 16. What is the simple average of the Buy 400 strategy? a. $20,000 b. $11,000 c. $10,000 d. $8,333.33 e. None of the above 17. What is the simple average of the Buy 500 strategy? a. $20,000 b. $11,000 c. $10,000 d. $8,333.33 e. None of the above