7. Using the Hurwicz condition with a = 0.30,

A.) state the best decision.

B.) state the dollar value of the corresponding payoff.

A. The owner of a small specialty food store stocks specially aged steak. In the past 100 weeks, the store has experienced the following weekly demand for this steak (in pounds): Weekly Demand (pounds) 20 25 40 60 Frequency (weeks) 10 30 50 10 The owner buys the meat from his supplier for $2.00 per pound and sells the steak for $5.00 per pound. Whatever is left unsold at the end of the week is sold at discount to the county animal shelter at $0.50 per pound. The food store owner wants to know how many pounds of steak to consistently order per week. NOTE: In parts 1, 2, and 8 you MUST provide copies of your tables and of your Excel spreadsheet containing your calculations for this problem to receive credit for problem A. You are also reminded to attach your Excel file with your completed exam to your e-mail sent to me. Failure to provide any of these deliverables will result in this problem NOT being scored