two possible levels of demand for service to the airline: strong and weak. The following table shows the estimated quarterly profits (in thousands of dollars). (a) What is the decision to be made, what is the chance event, and what is the consequence for this problem? The decision to be made is the type of service to provide . The chance event is . The consequence is the amount of quarterly profit How many decision alternatives are there? How many outcomes are there for the chance event? (b) If nothing is known about the probabilities of the chance outcomes, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? The recommended decision using the optimistic approach is the full price service. The recommended decision using the conservative approach is the service. The recommended decision using the minimax regret approach is the discount service. (Enter your answers in thousands of dollars.) EV(full) $ thousands EV(discount) \$ thousands dollars.) EV(full) $ thousands EV(discount) \$ thousands The optimal decision is the service. If the probability of strong demand falls below , the discount service is the best choice. If the probability of strong demand is greater than , the full price service is the best choice