Tees R Us is a company that prints T shirts for upcoming major sports events and sells them on their website. The next event on the company’s schedule is the Men’s NCAA Basketball Championship game. A printed T shirt sells for $ 16 and costs Tees R Us $ 10 to produce. After the game, all unsold T shirts can be sold for $ 5 each. Tees R Us needs to decide whether to print 1,000, 2,000, 3,000, or 4,000 of the shirts prior to the game with the expectation that demand for the shirts will be one of these four quantities:
a. Construct a decision table for Tees R Us.
b. Use the maximax criterion to decide how many shirts the company should print.
c. Use the maximin criterion to decide how many shirts the company should print.
d. Use the equally likely criterion to decide how many shirts the company should print.
e. Use the minimax regret criterion to decide how many shirts the company should print.
f. Use the Hurwicz criterion using α = 0.6 to decide how many shirts the company should print.