Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands.

	Demand
Order Size	Low	Medium	High
1 lot	12	15	15
2 lots	9	25	35
3 lots	6	35	60

a.	What decision should be made by the optimist?
b.	What decision should be made by the conservative?
c.	What decision should be made using minimax regret?

Answer rating: 100% (QA)

Ans aOptimisticMaximax approach Order Size Low Medium High Max... View the full answer