Question: Write a response to the following question. Under what conditions should a manager use each of the following rules/options for pricing decisions: (a) MAXIMAX rule

Write a response to the following question. 
"Under what conditions should a manager use each of the following rules/options for pricing decisions:
(a) MAXIMAX rule
(b) MAXIMIN Rule
(c) MINIMAX Regret Rule
(d) Equal Probability Rule?
Also address the potential pitfalls of using each rule.

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Write a response to the following question Maximax Rule This is an optimistic rule made by the managers when they want to earn maximum profit irrespective of the amount of risk included with it The bi... View full answer

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