Question: please solve it in a hour 2. . Publishing company AAA is scheduled to revise one of their textbooks. The following payoff table summarises the

please solve it in a hour

2. . Publishing company AAA is scheduled to revise one of their textbooks. The following payoff table summarises the possible revision decisions with profit (or loses) for the three- year lifecycle of the new edition, and the future states of nature relative to the competitive market. Table 1 Payoff table Publication decision Competitive market Unfavourable (RM) Same (RM) Favourable (RM) Paperback 68,000 170,000 395,000 Similar revision 24,000 375,000 672,000 Major content revision 31,000 515,000 725,000 Major physical revision -105,000 280,000 972,000 Determine the best decision for the publisher using the following criteria: i. Maximax ii. Minimax iii. Equal likelihood iv. Hurwicz (a=0.35) (2 marks) (2 marks)

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