Consider the accompanying payoff table. Complete parts a through e below. Demand Level Alternative 1 2 3 4 $600 - $400 - $1,100 - $1,900 $600 $1.000 $600 $1,000 $1,600 $2,200 A $600 $1,000 $100 - $700...

Extracted text: Consider the accompanying payoff table. Complete parts a through e below. Demand Level Alternative 1 2 3 4 $600 - $400 - $1,100 - $1,900 $600 $1.000 $600 $1,000 $1,600 $2,200 A $600 $1,000 $100 - $700 В $1,600 $600 ..... a. Choose the best alternative using the maximax criterion. Alternative V is the best alternative based on the maximax criterion because its payoff is the of all the actions. b. Choose the best alternative using the maximin criterion. Alternative V is the best alternative based on the maximin criterion because its payoff is the V of all the actions. c. Choose the best alternative using the equally likely criterion. Alternative V is the best alternative based on the equally likely criterion because its payoff is the of all the actions. d. Choose the best alternative using the minimax regret criterion. Alternative V is the best alternative based on the minimax regret criterion because its regret is the V of all the actions. e. Choose the best alternative using the Hurwicz criterion with a = 0.6. Alternative V is the best alternative based on this Hurwicz criterion because its weighted average, $ is the of all the actions.