Question: Use the information provided here for all questions in this scenario. Susie Wyatt sells UofM tshirts on a stall near the graduation ceremony of UMFlint

Use the information provided here for allUse the information provided here for all

Use the information provided here for all questions in this scenario. Susie Wyatt sells UofM tshirts on a stall near the graduation ceremony of UMFlint students. Some students in the graduating class or their parents like to buy a tshirt. She gets the tshirts made with UofM Flint designs from a supplier. Unsold tshirts cannot be returned. It is very diffuclt for Susie to know exactly how many tshirts will be sold, which makes it difficult for her to determine how many tshirts to order from the supplier. Susie expects that if sales are low, she will be able to sell 20 dozen, if the sales are medium she will be able to sell 50 dozen and if the sales are high she will be able to sell 120 dozen of the tshirts. Her options are: do nothing (do not place an order), order 20 dozen, order 50 dozen or order 120 dozen. Her payoffs for each ordering option and subsequent sales level are given below. Her payoffs for each ordering option and subsequent sales level are given below. Payoff Matrix Sales Low Sales Medium Sales High Do nothing 0 0 0 Order 20 dozen 450 450 450 Order 50 dozen 300 900 2400 Order 120 dozen -250 500 4150 What is the best decision according to the Laplace criteria? O A. Order 50 dozen OB. Order 20 dozen OC. Order 120 dozen OD. Do nothing Please do the computations to find the best alternative under the Minimax Regret criteria. What is the maximum regret if 20 dozen are ordered? QUESTION 23 University Tshirts Scenario What is the maximum regret if 50 dozen are ordered? QUESTION 24 University Tshirts Scenario What is the maximum regret if 120 dozen are ordered? QUESTION 25 University Tshirts Scenario What is the best decision according to the Minimax Regret criteria

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