Use the following information to answer question. A manufacturer is planning its production for the next 6

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Use the following information to answer question. A manufacturer is planning its production for the next 6 months. It has to decide how much of an important ingredient to keep in inventory. The demand for the ingredient may be low, medium, or high. The manufacturer is considering holding either a low or a high amount of inventory. The possible payoffs for all the combinations of inventory holding and demand are shown here.image text in transcribed

What is the minimax regret solution to this problem?

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Statistics For Business And Financial Economics

ISBN: 9781461458975

3rd Edition

Authors: Cheng Few Lee , John C Lee , Alice C Lee

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