1.11 A-c please and thank you

S1.11. The Dynamax Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table: Market Conditions Product Favorable 2 Stable.5 Unfavorable-3 Widget $160,000 $90,000 - $50,000 Hummer 70,000 40,000 20,000 Nimnot 45,000 35,000 30,000 a. Compute the expected value for each decision and select the best one, b. Determine how much the firm would be willing to pay to a market research firm to gain better information about future market conditions. c. Assume that probabilities cannot be assigned to future market conditions, and determine the best decision using the maximax, maximin, minimax regret, and equallikelihood criteria. frythink that is scheduled for a revision. The book S1.11. The Dynamax Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table: Market Conditions Product Favorable.2 Stable.5 Unfavorable.3 Widget $160,000 $90,000 - $50,000 Hummer 70,000 40,000 20,000 Nimnot 45,000 35,000 30,000 a. Compute the expected value for each decision and select the best one. b. Determine how much the firm would be willing to pay to a market research firm to gain better information about future market conditions. c. Assume that probabilities cannot be assigned to future market conditions, and determine the best decision using the maximax, maximin, minimax regret, and equal likelihood criteria. 4 Tera S1.11. The Dynamax Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table: Market Conditions Product Favorable 2 Stable 5 Unfavorable 3 Widget $160,000 $90,000 -$50,000 Hummer 70,000 Nimnot 35,000 40,000 20,000 30,000 45,000 a Compute the expected value for each decision and select the best one. b. Determine how much the firm would be willing to pay to a market research firm to gain better information about future market conditions. e. Assume that probabilities cannot be assigned to future market conditions, and determine the best decision using the maximax, maximin, minimax regret, and equal likelihood criteria