Question: Write a response to the following question. Under what conditions should a manager use each of the following rules/options for pricing decisions: (a) MAXIMAX rule

Write a response to the following question.

“Under what conditions should a manager use each of the following rules/options for pricing decisions:

(a) MAXIMAX rule

(b) MAXIMIN Rule

(d) Equal Probability Rule?

Also address the potential pitfalls of using each rule.

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