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A consumer electronics company is planning to introduce a new device. After careful consideration of costs, (e.g., there is a fixed cost of $5
A consumer electronics company is planning to introduce a new device. After careful consideration of costs, (e.g., there is a fixed cost of $5 million for developing the item), the projected state of the economy, etc., the marketing manager came up with the following payoff table (in $millions) Event Courses of action Market item $50 Introduction not successful -$40 Introduction successful Do not market item -$5 -$5 a. Calculate the regret table below. SHOW ALL WORK TO GET FULL CREDIT. (6 pts.) b. Calculate the minimax regret below. SHOW ALL WORK TO GET FULL CREDIT. (3 pts.)
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