Solution For all Steps and Accurate Answer Required Raju is a milk vendor who supplies milk in a small colony He buys milk from a local dairy farm at Rs 60 per liter and sells it for Rs 90 per liter Any unsold milk at the end of the day must be returned at Rs 20 Raju's demand fluctuates between 20 and 28 liters a day and demands are states of nature And probabilities are in row 0 3,0 5,0 1,0 4,0 6,0 8,0 22,0 7 respectively A Calculate EVM and choose best alternative that yields maximum profit with reason B Which strategy Raju chose if he uses savage criterion and optimism criterion that minimize the cost with reason C Justify which decision theory environment this case study follows

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Solution For all Steps and Accurate Answer Required  Raju is a milk vendor who supplies milk in a small colony  He buys milk from a local dairy farm at Rs  60 per liter and sells it for Rs  90 per liter  Any unsold milk at the end of the day must be returned at Rs  20  Raju's demand fluctuates between 20 and 28 liters a day and demands are states of nature  And probabilities are in row 0 3,0 5,0 1,0 4,0 6,0 8,0 22,0 7 respectively  A  Calculate EVM and choose best alternative that yields maximum profit with reason  B  Which strategy Raju chose if he uses savage criterion and optimism criterion that minimize the cost with reason  C  Justify which decision theory environment this case study follows

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Solution For all Steps and Accurate Answer Required. Raju is a milk vendor who supplies milk in a small colony. He buys milk from a

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