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17. A couple has just purchased a second home to remodel into a bed and breakfast. The table below contains their expected profit ($000s) the
17. A couple has just purchased a second home to remodel into a bed and breakfast. The table below contains their expected profit ($000s) the first year, depending on how many rooms they choose to remodel and demand. Construct an Excel spreadsheet to answer the following: a. For the information in the table, what decision would be made if the maximax criterion is used? b. For the information in the table, what decision would be made if the maximin criterion is used? c. For the information in the table, what decision would be made if the minimax regret criterion is used
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