The owner of Cycle City Co. is deciding which products to stock. His distributor will give him a deal if he buys more of one kind of bike. The payoff table below shows the expected weekly sales for a highend bike {selling at $1,200) or a moderately priced bike (selling at $500) depending on the demand for the highend bikes. Demand for High-End Bikes Moderate Demand Stock High- , 3600 7200 1 4400 End Bikes Stock Moderately Low Demand High Demand Priced Bikes The purpose of the shop owner is to maximize sales. Using the following decision criteria determine what bikes he should stock. Round your answers to the nearest integer. (a) Maximax Criteria: 0 Decision: High Demand based on 14400 = max(5500,7200,14400) -:21:- Decision: Stock HighEnd Bikes based on 14400 : maxil4400,5500) 0 Decision: Stock HighEnd Bikes based on 25200 : maxi25200,8500) The purpose of the naximize sales. Using the criteria determine what bikes he should stock. Round your answers to the nearest integer. (a) Maximax Criteria: O Decision: High Demand based on 14400 = max(5500,7200, 14400) O Decision: Stock High-End Bikes based on 14400 = max(14400,5500) O Decision: Stock High-End Bikes based on 25200 = max(25200,8500) O Decision: Moderate Demand based on 7200 = max(7200,2500) O None of the above. (b) Maximin Criteria: O Decision: Low Demand based on 500 = min(3600,2500,500) O Decision: Stock Moderately Priced Bikes based on 500 = min(3600,500) O Decision: High Demand based on 500 = max(3600,2500,500) O Decision: Stock High-End Bikes based on 3600 = max(3600,500) O Decision: Stock Moderately Priced Bikes based on 3600 = max(3600,500) O None of the above.(c) Equally likely (Laplace) criterion: 0 Decision: Stock HighEnd Bikes based on 8400 : max(8400,2833) 0 Decision: Low demand based on 4967 : max(3033,3233,4967) 0 Decision: Stock HighEnd Bikes based on 12600 : max(12600,4250) 0 Decision: Stock Moderately Priced Bikes based on 8400 : max(8400,2833) 0 Decision: Stock HighEnd Bikes based on 25200 = max(25200,8500) 0 Decision: Stock Moderately Priced Bikes based on 7450 : maxl4550,4850,7450) 0 None of the above. (d) Hurwicz criterion {criterion of realism) with a : 0.1: 0 Decision: Stock Moderately Priced Bikes based on 4680 : max(4680,'|000) 0 Decision: Stock Moderately Priced Bikes based on 1000 = min(4680,1000) 0 Decision: Stock HighiEnd Bikes based on 4680 : max(4680,1000) 0 Decision: Stock HighiEnd Bikes based on 13320 : max(13320,5000) 0 Decision: Low demand based on 3790 : max(3790,2970,1890) 0 None of the above. (e) Opportunity Loss (Minimax Regret) Criterion. Use the table Demand for High-End Bikes Moderate Low Demand High Demand Demand Stock High- 3600 7200 14400 End Bikes Stock Decision | Moderately 5500 2500 500 Priced Bikes and fill in and use the following regret (opportunity loss) table: Demand for High End-Bikes Low Demand Moderate Demand High Demand Stock High-End Bikes Stock Moderately Decision Priced BikesState your decision below: O Decision: Stock HighEnd Bikes based on 1900 = min(1900,13900) 0 Decision: Stock Moderately Priced Bikes based on 18600 = max(1900,18600} 0 Decision: Stock Moderately Priced Bikes based on 1900 : min(1900,13900) 0 Decision: Stock Moderately Priced Bikes based on 13900 = max(1900,13900} O Decision: Stock Moderately Priced Bikes based on min = 0 0 None of the above