2. A toy company is bringing out a new type oftoY. The company is attempting to decide whether to bring out a full, partial or minimal product line. The company has three levels of product acceptance. The management will make its decision on the basis of expected profit from the first Year of production. The relevant data are shown in the following table:

Take optimal decision under each of the following decision rules:

(a) Maximax

(b) Maximin

(c) Laplace

(d) Minimaxregret

Transcribed Image Text:

Anticipated First Year Profit (in '000 Rs) Product Product Line Acceptance Full Partial Minimal Good 80 70 50 Fair 50 45 40 Poor -25 -10 0