Complete each of the following tasks, reading the directions carefully as you go. Be sure to show all work where indicated, including inserting images of graphs. Be sure that all graphs or screenshots include appropriate information such as titles, labeled axes, etc. If your word processing program has an equation editor, you can insert your equations here. Otherwise, print this activity sheet and write your answers by hand. In addition to the answers you determine, you will be graded based on the work you show, or your solution process. So, be sure to show all your work and answer each question as you complete the task. Type all your work into this document so you can submit it to your teacher for a grade. You will be given partial credit based on the work you show and the completeness and accuracy of your explanations.
Your teacher will give you further directions about how to submit your work. You may be asked to upload the document, e-mail it to your teacher, or print it and hand in a hard copy.
Now, let’s get started!
Step 1: Collect and organize your data.
•Using the Super Survey Simulator, survey 10 students of your choice and gather data. Create an organized representation of your data below.

Mobon oil company owns a lease that entitles it to explore for oil on a parcel of offshore land in california. since the lease is about to expire mobon must now decide whether to drill for oil at the site or to sell the lease to excel oil company, which has just offered mobon $50,000. mobon estimates it would cost $100,000 to drill at the site. if the well were dry, all this cost would be lost. if the well were successful, its value to mobon would depend on the extent of the oil discovered. for simplicity, mobon assumes there are only two types of successful wells: minor and major success. mobon estimates that a minor success would result in revenues of $200,000 in excess of the drilling cost, whereas a major success would result in revenue of $500,000 in excess of the drilling cost. mobon has assessed the following probabilities: if the well is dry then the probability is 0.7, if it is a minor success the probability is 0.2, and if it is a major success the probability is 0.1. a) construct an appropriate payoff matrix, b) using the maximax criterion, identify the optimal decision c) using the maximin criterion, identify the optimal decision d) using the minimax criterion, identify the optimal decision e) using the emv criterion, identify the optimal decision