need help with c,d and e

Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach, Management must decide between a full-price service using the company's new reet of jet aircraft and a discount service using smaller capacity commuter planes. It is clear that the best choice depends on the market reaction to the service Myrtle Air offers, Management developed estimates of the contribution to profit for each type of service based upon two possible levels of demand for service to Myrtle Beacht strong and weak. The following table shows the estimated quarterly profits in thousands of dollars): Demand for Service Service Strong Weak Full price $960 -$490 Discount $670 $320 a. What is the decision to be made, what is the chance event, and what is the consequence for this problem? The input in the box below will not be graded, but may be reviewed and considered by your instructor Decision is should they provide a full price service using new fleet of jet aircraft or a discount service using smaller capacity commuter planes How many decision alternatives are there? Number of decision alternatives - 2 How many outcomes are there for the chance event? Number of outcomes = 2 b. If nothing is known about the probabilities of the chance outcomes, what is the recommended decision using the optimistic, conservative and minimax regret approaches? Optimistic approach Full price service Conservative approach Discount service Minimax regret approach Discount service c. Suppose that management of Myrtle Alr Express believes that the probability of strong demand is 0.7 and the probability of weak demand is 0.3. Use the expected value approach to determine an optimal decision. Optimal Decision : Full price service X d. Suppose that the probability of strong demand 0.8 and the probability of weak demand is 0.2. What is the e. Determine the range of demand probabilities for which each of the decision alternatives has the largest expected optimal decision using the expected value approach? Optimal Decision : value. If required, round your answer to four decimal places. is the best choice if probability of strong demand is less than or equal to For values of p greater than the full price service is choice. Feedback Check My Work Partially correct