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Executive Toys planning to market one of three new toys. The company estimates that potential profit, given one of the three economic situations, is as
Executive Toys planning to market one of three new toys. The company estimates that potential profit, given one of the three economic situations, is as follows: Boom R'000 Stable R'000 Recession R'000 Toy X 80 000 40 000 (20 000) Toy Y 60 000 30 000 (10 000) Toy Z 55 000 22 000 (5 000) Identify which product should be produced if the maximax criterion is applied? dentify which product should be produced if the maximin criterion is applied
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