Question: Edwards Machine Tools needs to purchase a new machine. The basic model is siower but costs less, whereas the advanced model is faster but costs

Edwards Machine Tools needs to purchase a new machine. The basic model is siower but costs less, whereas the advanced model is faster but costs more, Profitability will depend on future demand. The following table presents an estimate of profits wier the next three years. Fill in the table below for maximum and minimum profit payoffs under each model. Round your answers to the nearest dollar. Calculate the amounts foregone by not adopting the optimal course of action for each possible demand tevel. Determine the maximum opportunity cost for each model. Fill in the table below. If your answer is zero, enter "0". Round your answers to the nearest dollar. Calculate the amounts foregone by not adopting the optimal course of action for each possible demand level. Determine the maximum opportunity cost for each model. Fill in the table below. If your answer is zero, enter "0". Round your answers to the nearest dollar. Given the uncertainty associated with the demand volume, and no other information to work with, what decision would you make? The aggressive strategy (maximax) is to choose the The conservative strategy (maximin) is to choose the The opportunity loss strategy is to choose the Edwards Machine Tools needs to purchase a new machine. The basic model is siower but costs less, whereas the advanced model is faster but costs more, Profitability will depend on future demand. The following table presents an estimate of profits wier the next three years. Fill in the table below for maximum and minimum profit payoffs under each model. Round your answers to the nearest dollar. Calculate the amounts foregone by not adopting the optimal course of action for each possible demand tevel. Determine the maximum opportunity cost for each model. Fill in the table below. If your answer is zero, enter "0". Round your answers to the nearest dollar. Calculate the amounts foregone by not adopting the optimal course of action for each possible demand level. Determine the maximum opportunity cost for each model. Fill in the table below. If your answer is zero, enter "0". Round your answers to the nearest dollar. Given the uncertainty associated with the demand volume, and no other information to work with, what decision would you make? The aggressive strategy (maximax) is to choose the The conservative strategy (maximin) is to choose the The opportunity loss strategy is to choose the

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