Review the following scenario, and answer the questions:A market buys T-bone steaks from a university's animal science department. The purchase price is $2.50 per pound, and the market sells the stick for $4.00 per pound. Steak left over at the end of the week is sold to a local cannery for $0.50 per pound. According to sales records over the past 100 weeks, demand has been as follows:Construct a payoff table for the various demand and stocking quantities. Determine the best amount to stock using each of the following criteria:a) Laplaceb) maximinc) maximaxd) Hurwicz (a = 0.2)e) regret (minimax)If the market can obtain perfect information concerning the following week's demand for T-bone steak, what will the expected profit be?Determine the optimal stock quantity.

Weekly demand Number of weeks 10 10 11 20 12 20 13 30 14 10 15 10 TOTAL 100