Consider the following payoff table: Choose the best alternative using the following criterion: a. Maximax b. Maximin
Question:
Consider the following payoff table:
Choose the best alternative using the following criterion:
a. Maximax
b. Maximin
c. Equally likely
d. Minimax regret
e. Hurwicz using α = 0.7
Transcribed Image Text:
Demand Level Alternative $500 $500 $500 $500 -$300 $1,000 $1,000 $1,000 -$1,100 200 1,500 $1,500 -$1,900-$600 $700 $2,000
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a Choose Alternative D because the highest payoff is 2000 b Demand Level ALTERNATIVE 1 2 3 3 ...View the full answer
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