Question: PLEASE SHOW YOUR WORK ON EXCEL AND PROVIDE ANY FORMULAS THAT WERE NEEDED. Demand Decision Theory: Quiz Questions 1. McDonald's is about to open a

PLEASE SHOW YOUR WORK ON EXCEL AND PROVIDE ANY FORMULAS THAT WERE NEEDED.

Demand Decision Theory: Quiz Questions 1. McDonald's is about to open a new store. Three locations are under consideration, with possible outcomes (depending on demand) as shown in the table to the right. Assume that the probabilities of demand states are not known (.e., uncertainty). Low Medium High 40 90 200 Location Large Medium Small 70 120 140 100 110 130 a. (2pts) Using the Laplace criterion, which location size(s) will be best? b. (2pts) Using the minimax regret criterion, which location size(s) will be best? C. (2pts) Using the maximin criterion, which location size(s) will be best

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