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Brenda Kelley runs a specialty ski clothing shop outside Boone, North California. She must place her order for parkas well in advance of ski season
Brenda Kelley runs a specialty ski clothing shop outside Boone, North California. She must place her order for parkas well in advance of ski season because the manufacturer produces them in the summer months. Brend: to determine whether to place a large, medium or small order for parkas. The number sold will depend largely whether the area receives a heavy, normal or light amount of snow during the ski season. The following table summarizes the payoffs (profits) Brenda expects to receive under each scenario. Size of Order Large Medium Small Payoffs in $1000 What is the payoff under the conservative approach? Do not include $ sign. When answering, leave in units of the table, for example if the answer is $4000, enter 4
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