5.

(a) From the following matrix, the elements of which indicate profits, obtain the decisions using the following principles of decision-making:

(i) Maximax (ii) Maximin (iii) Laplace

(b) How would your answer in

(a) be different if the elements of the matrix represented costs?

Transcribed Image Text:

a a2 as as 26 22 13 22 22 18 26 22 34 30 20 18 22 18 18 20 22 22 18 18 18. 5555