G R Publishing is publishing a new cookbook which they
G& R Publishing is publishing a new cookbook, which they feel will set it apart from the current competition. The publisher needs to select one version of the cookbook from the following list of alternatives: Version 1: This book will be approximately 500 pages in length, printed in four colors, and have a hardback cover. Version 2: This book will be approximately 350 pages in length, printed in two colors, and have a soft back cover. Version 3: This book will be approximately 200 pages in length, printed in grayscale (no color) and have a soft back cover. Once the book is printed, the demand for it will be either strong or weak and the payoffs will be as follows:
Choose the best version of the cookbook to publish using the following criterion:
a. Maximax
b. Maximin
c. Equally likely
d. Minimax regret
e. Hurwicz using α = 0.5
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