G&R Publishing is publishing a new cookbook, which they feel will set it apart from the current

Question:

G&R Publishing is publishing a new cookbook, which they feel will set it apart from the current competition.

The publisher needs to select one version of the cookbook from the following list of alternatives:

Version 1: This book will be approximately 500 pages in length, printed in four colors, and have a hardback cover.

Version 2: This book will be approximately 350 pages in length, printed in two colors, and have a softback cover.

Version 3: This book will be approximately 200 pages in length, printed in grayscale (no color) and have a softback cover.

Once the book is printed, the demand for it will be either strong or weak and the payoffs will be as follows:

Demand Alternative Strong Weak Version 1 $400,000 - $200,000 Version 2 $250,000 - $100,000 Version 3 $100,000 $50,000 Choose the best version of the cookbook to publish using the following criterion:

a. Maximax

b. Maximin

c. Equally likely

d. Minimax regret

e. Hurwicz using a = 0.5 AppendixLO1

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