Question
Even though independent gusoline stations have been having a difficult time, Susan Helms has been thinking about starting her own independent gasoline station. Susan's problem
Even though independent gusoline stations have been having a difficult time, Susan Helms has been thinking about starting her own independent gasoline station. Susan's problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oll industry and demand for gasoline. After a careful analysis. Susan developed the following table:
For example, if Susan constriats a small station and the market is good, the will tealizen profit or $50.000.
A. Develop a decision table for this depision. Like the one illustrated in the table.
B. What is the maximas decision?
C. What is the maximin decision?
D. What is the equally likely decision?
(Please show all work and calculations for each step)
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