The Dynamax Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table.


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a. Compute the expected value for each decision and select the best one.
b. Determine how much the firm would be willing to pay to a market research firm to gain better information about future market conditions.
c. Assume that probabilities cannot be assigned to future market conditions, and determine the best decision using the maximax, maximin, minimax regret, and equal likelihood criteria.