Question: Assignment 7 In making a decision to open up his own independent gas stations, lan is faced with the following information to help with his

Assignment 7 In making a decision to open up his
Assignment 7 In making a decision to open up his own independent gas stations, lan is faced with the following information to help with his decision Size Small Medium Large Very Large Good Market 50,000 80,000 100,000 300,000 Fair Market Poor Market 20,000 10,000 30,000 -20,000 30,000 -40,000 25,000 -160,000 What is the Maximax decision? What is the Maximin decision? What is the Equally Likely decision? Assume the probability of a Good Market is 30%, a Far Market is 60%, and a Poor Market is 10%. Create a Decision Tree based on this information. Note that not opening his gas station is also an option. What decision should lan make

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