Chad Holmes has been thinking about starting his own independent gasoline station. Chad's problem is to...

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Chad Holmes has been thinking about starting his own independent gasoline station. Chad's problem is to decide how large his station should be. The annual returns will depend on both the size of the station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Chad developed the following table: SIZE OF FIRST STATION GOOD MARKET ($) Small 55,000 Medium 85,000 Large 150,000 Very large 350,000 a. Using Excel, determine the maximax decision. b. Using Excel, determine the maximin decision. c. Using Excel, determine the equally likely decision. MODERATE MARKET ($) POOR MARKET ($) 10,000 -20,000 -40,000 -160,000 25,000 35,000 35,000 25,000 2. 3 2 O. (10 points) Based on Venus' position and brightness today (provided by the instructor), create a text box on the diagram at Venus's position today, and mark that position with a "T". Hints: If Venus is visible after sunset, on which side of the Earth would an observer have to stand to see Vemus? How does the brightness of a source change as it gets closer or farther away? Chad Holmes has been thinking about starting his own independent gasoline station. Chad's problem is to decide how large his station should be. The annual returns will depend on both the size of the station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Chad developed the following table: SIZE OF FIRST STATION GOOD MARKET ($) Small 55,000 Medium 85,000 Large 150,000 Very large 350,000 a. Using Excel, determine the maximax decision. b. Using Excel, determine the maximin decision. c. Using Excel, determine the equally likely decision. MODERATE MARKET ($) POOR MARKET ($) 10,000 -20,000 -40,000 -160,000 25,000 35,000 35,000 25,000 2. 3 2 O. (10 points) Based on Venus' position and brightness today (provided by the instructor), create a text box on the diagram at Venus's position today, and mark that position with a "T". Hints: If Venus is visible after sunset, on which side of the Earth would an observer have to stand to see Vemus? How does the brightness of a source change as it gets closer or farther away?

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The question contains two different images with two unrelated tasks The first image refers to a decision problem involving the potential financial out... View the full answer