A local real estate investor in Kingston is considering three investments: a motel, a restaurant, or a theatre. Profits from the motel or restaurant will be affected by the availability of gasoline and the number of tourist; Profits from the theatre will be relatively stable under any conditions. The following payoff table shows the profit or loss that could result from each investment:   Real Estate Investor Payoff Table   Payoffs are Profits   States of Nature (Gasoline Avaliability) Decision Alternatives Shortage Stable Supply Surplus Motel $8,000 $15,000 $22,000 Restaurant $2,000 $8000 $6,000 Theater $6,000 $6,000 $5,000     Which option should the real estate investor choose if he uses the Equal Likelihood criterion? Using a maximax approach, what alternative should the real estate investor choose? Using the Maximum approach, what alternative should the real estate investor choose?

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