M Inbox (1,524) - valeriya.ostapenkc x Quiz: FINAL_EXAM X Heizer/Render 13e X + V X C A rutgers.instructure.com/courses/175260/quizzes/587151/take/questions/9020773 V Update : Incements Amy is interested in leasing a new car and has contacted 3 automobile dealers for pricing information. 2 Hours, 58 Minu sions Each dealer offered Amy a 36 month lease with no down payment. Each lease includes a monthly charge and a mileage allowance. Additional miles receive a surcharge on a per mile basis. The monthly lease cost , the mileage allowance and the cost for additional miles is as follows: Monthly cost Mileage allowance Cost per additional mile US He pbum Honda 290 36000 0.17 Midtown motors 315 45000 0.19 les Hopkins automotive 330 54000 0.15 eButton Amy decided to choose the ;lease option that will minimize her 36 month cost. Amy does not know how t many miles she will drive but thinks it may be 12000, 15000 or 18000 miles per year. For this problem ctional Rating complete the following steps before answering the questions below: Compute the payoff table for each combination of dealer and miles driven over all 3 years. . Gallery Remember Amy is minimizing costs, so smaller payoffs are better for her. Compute the worst payoff for each dealer across all 3 mileage scenarios and consequently compute the decision made by a conservative decision maker. edia Compute the regret table for each combination of dealer and miles driven. Which decision minimizes maximum regret? Assume that Amy will drive 12000, 15000 or 18000 miles PER YEAR with probabilities 0.7, 0.2 orations and 0.1. Compute the expected payoffs for choosing each dealer. Which decision should Amy take based upon minimizing expected payoffs? 's Libraries After completing all of the above, answer the following question. Webex WHAT IS THE MINIMUM OF THE MAXIMUM REGRETS FOR THE 3 DECISIONS? lecture_chapter03.pdf Doc May 02, 2022,..pdf Show all X Type here to search O P w S Rain... ~ 0 0 ( P 2:01 PM 5/7/2022