Question: Note: a=7 , b=7 , c=5 , d=0 ,e=2 f=0 1. Sara is planning to start a new designer cloth shop. Her problem is to

Note: a=7 , b=7 , c=5 , d=0 ,e=2 f=0 1. Sara is

Note:

a=7 , b=7 , c=5 , d=0 ,e=2 f=0

1. Sara is planning to start a new designer cloth shop. Her problem is to decide how large her shop should be. The annual returns will depend on both the size of her shop and a number of marketing factors related to the current market conditions and demand for designer wear. After a careful analysis, Sara came up with the following table: Size of Shop Good Market (R.O.) Fair Market (R.O.) Poor market (R.O.) Small Scale 1200 + a 2000 + b 400 + c Medium Scale 1500 + d 3000 + e 1800 +f Large Scale 2200 + a 3000 + b 2500 + c Very Large Scale 3000 + d 5000 + e 2000 +f What will be her decision based on i. Pessimistic approach (5 Marks) ii. Optimistic approach iii. Laplace criterion (5 Marks) (10 Marks)

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