Question: A condominium developer is considering three different size complexes where larger complexes are more valuable when there is higher demand. The developer anticipates low and

A condominium developer is considering three different size complexes where larger complexes are more valuable when there is higher demand. The developer anticipates low and high demand scenarios and wants to use a minimax regret decision strategy (e.g. minimize maximum regret) Given the payoff table below what is the minimum of maximum regret value? (Note answer is a numeric value)

Payoffs (SK) Size of Chance Outcomes Condo. Complex Low Demand High Demand

Small 400 400

Medium 300 500

Large 50 700

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