Kindly help QUESTION TWO(a) A payoff matrix has to be prepared with three alternative products A A,, 2 and A.. Therespective cost costs of these products are K2, K2.50 and K4 per unit and their sale pricesare K3, K4 and K5 per unit respectively. The normal production capacity of the plant forproduction of each of the products A A,, 2 and A; is 3,000, 2,000 and 1,000 unitsrespectively.i.Showing all the working clearly, prepare the payoff table if the states of demandare high (S.), moderate (S:) and low (S:) with respective demand levels of 3, 000,2, 000 and 1, 000 units. The stocks unsold will be worth half the cost price for thenext period.What is the maximax decision?ii.iii.What is the maximin decision?iv.What is equally likely decision?V.What is the criterion of realism decision? Use a= 0.8vi.Develop an opportunity loss table and determine the minimax decision.

Answered: i. Showing all the working clearly,…

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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