A buyer for a department store is trying to decide how many of a new style of dress to order. Because of rapid changes in fashion, she does not want to order too many dresses, but if she orders too few, she will lose profits for her department. Each dress purchased will cost the store $30 and sell for $50. Any dresses not sold at the end of the season will be sold at the annual half-price sale. In an attempt to determine the possible range of demand, the buyer collected the data shown below from the past seasons. The dresses must be purchased in dozens. Using profit as a measure, construct a payoff table for this decision problem. What decision should she make if the buyer uses: a) Maximin; b) Maximax; c) Laplace; d) Minimax regret; e) Expected Monetary Value; f) Expected opportunity Loss criterion? g) Determine the expected value of perfect information. Assume that dresses are sold in dozens only. DEFINE THE OBJECTIVE, DECISION ALTERNATIVES, AND STATES OF NATURE CLEARLY. SHOW YOUR WORK. No. of dozens No. of Sold Seasons 6 4567 12 14 8