Managers of a manufacturing firm decided to add picture frames to its list of production items. However, they have not decided how many to produce because they are uncertain about the level of demand. Shown here is a decision table that has been constructed to help the managers in their decision situation. Use this table to answer parts (a) through (c).a. Use maximax and maximin criteria to evaluate the decision alternatives.b. Construct an opportunity loss table and use minimax regret to select a decision alternative.c. Compare the results of the maximax, maximin, and minimax regret criteria in selecting decision alternatives.

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Decision Alternative (Produce) Small Number Modest Number Large Number State of Demand Small Moderate $200 $100 -$300 $250 $300 $400 Large $300 $600 $2,000