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please answer all parts of question 2. You have a retail store that sells cosmetics creams. You can decide the price of your creams between
please answer all parts of question
2. You have a retail store that sells cosmetics creams. You can decide the price of your creams between $10, $12, and $15. There is competitor that sells the same product. The other store can also decide the price of the product between the same prices. The number of units that you sell depend in your price and competitor price and is given by this equation Tot units sold = 110 + 30(price of the competitro - your price) a) Create a table with the rewards of all the possible options (if the number of units sold is negative assume cero units sold) b) Using max-min strategy determine what is the optimal selling price for your unit c) Create a table that show the regrets for each possible combination d) Using min max regret strategy determine the optimal price for the product Step by Step Solution
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