( Use an excel sheet to show formulas used ) 1. A small building contractor has recently experienced two successive years in which work opportu-nities exceeded the firm's capacity. The contractor must now make a decision on capacity for nextyear. Estimated profits under each of the two possible states of nature are as shown in the tablebelow. Which alternative should be selected if the decision criterion is:a. Maximax?b. Maximin?c. Laplace?d. Minimax regret?NEXT YEAR'SDEMANDAlternativeLowHighDo nothing$50*$60Expand2080Subcontract4070*Profit in $ thousands.2. Refer to Problem 1. Suppose after a certain amount of discussion, the contractor is able to subjec-%3D%3Dtively assess the probabilities of low and high demand: P(low) = .3 and P(high) = .7.a. Determine the expected profit of each alternative. Which alternative is best? Why?

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Answered: 0W. VWIIIUIl alternE a. Maximax? D.…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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0W. VWIIIUIl alternE a. Maximax? D. Maximin? =. Laplace?