Given the following pay-off table

Question 4 What is the optimal decision if you use the minimax regret criterion? Group of answer choices

a. Order 280 books

b. Order 320 books

c. Order 360 books

d. Order 400 books

Question 5 If the probabilities of the following events are given P (7 classes offered) = 0.1 P (8 classes offered) = 0.3 P (9 classes offered) = 0.4 What is the Expected Monetary Value of ordering 360 books? Group of answer choices

a. 3268

b. 2648

c. 3233

d. 2455

Question 6 What is the Expected Regret of ordering 400 books? Group of answer choices

a. 300

b. 200

c. 260

d. 320

Question 7 What is the value of perfect information? Group of answer choices

a. 112

b. 212

c. 300

d. 200

\begin{tabular}{|l|l|l|l|l|} \hline \multirow{2}{*}{\begin{tabular}{|l|l|l|} Number of \\ Text Book to \\ Order \end{tabular}} & \multicolumn{4}{|l|}{ Number of Introductory Economics Classes Offered } \\ \cline { 2 - 5 } & 7 & 8 & 9 & 10 \\ \hline 280 & $2,800 & $2,720 & $2,640 & $2,480 \\ \hline 320 & $2,600 & $3,200 & $3,040 & $2,880 \\ \hline 360 & $2,400 & $3,000 & $3,600 & $3,440 \\ \hline \end{tabular}