IS THERE ANYWAY YOU CAN EXPLAIN HOW TO DO THIS?

1. Meega airlines decided to offer direct service from Akron to Clearwater beach, Forida. Management must decide between full-price service using a company's new fleet of jet aircraft and a discountservice using smaller capacity commuter planes. Management developed estimates of the contribution to profit for each type of service based upon three possible levels of demand for service on Clearwater beach: high, moderate, and low. The following table shows the estimated quarterly profits (in thousands of dollars): a. Recommend a decision based on the use of the optimistic, conservative, and minimax regret approaches. b. If the demand probabilities are 0.3,0.5, and 0.2, what is the best decision using the expected value approach? 2. The states of nature are defined so that they are This means that at least one state of nature must occur at a given time for a chance event. a. collectively exhaustive b. mutually exclusive c. certain events d. optimistic outcomes 3. For a maximization problem, the optimistic approach often is referred to as the approach. a. minimin b. maximin c. minimax d. maximax