1.You are trying to set the selling price to one of your company's products and there are three prices under consideration. These are Sh. 4.00, sh. 4.30 and sh 4.40 per product. The following table is also available

Conditions

Alternative Prices

Best Possible

Most likely

Worst Possible

Sh. 4.00

16,000

14,000

12,500

Sh. 4.30

14,000

12,500

12,000

Sh. 4.40

12,500

8,000

6,000

Advice the company on the best prices to charge using

a)Maximin Criterion[2 Marks]

b)Maximax Criterion[2 Marks]

c)Minimax regret Criterion[2 Marks]

d)Hurwitz criterion with alpha=0.4 [2 Marks]

The Laplace Criterion[2 Marks