Given the following pay-off table

Number of Text Books to Order	Number of Introductory Economics Classes Offered
	7	8	9	10
280	$2,800	$2,720	$2,640	$2,480
320	$2,600	$3,200	$3,040	$2,880
360	$2,400	$3,000	$3,600	$3,440
400	$2,200	$2,800	$3,400	$4,000

Question 1

What is the optimal decision if you use the Maximax criterion?

Group of answer choices

a. Order 280 books

b. Order 320 books

c. Order 360 books

d. Order 400 books

Question 2

What is the optimal decision if you use the maximin criterion?

Group of answer choices

a. Order 280 books

b. Order 320 books

c. Order 360 books

d. Order 400 books

Question 3

By how much will you regret if you order 360 books and the class offered is 7?

Group of answer choices

a. 200

b. 300

c. 400

d. 500

Question 4

What is the optimal decision if you use the minimax regret criterion?

Group of answer choices

a. Order 280 books

b. Order 320 books

c. Order 360 books

d. Order 400 books

Question 5

If the probabilities of the following events are given

P (7 classes offered) = 0.1

P (8 classes offered) = 0.3

P (9 classes offered) = 0.4

What is the Expected Monetary Value of ordering 360 books?

Group of answer choices

a. 3268

b. 2648

c. 3233

d. 2455

Question 6

What is the Expected Regret of ordering 400 books?

Group of answer choices

a. 300

b. 200

c. 260

d. 320

Question 7

What is the value of perfect information?

Group of answer choices

a. 112

b. 212

c. 300

d. 200