For each situation, find the decisions using: • the optimistic approach • the conservative approach • The minimax regret approach A, B, C, and D are states of nature. X, Y, Z and Q are decision alternatives. 1. A B 10 -9 Y 7 14 -2 2. A B C 10 -3 -7 Y. -7 13 -6

For each situation, find the decisions using: • the optimistic approach • the conservative approach • The minimax regret approach A, B, C, and D are states of nature. X, Y, Z and Q are decision alternatives. 1. A B 10 -9 Y 7 14 -2 2. A B C 10 -3 -7 Y. -7 13 -6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

hello, I need help please

For each situation, find the decisions using:
• the optimistic approach
• the conservative approach
• The minimax regret approach
A, B, C, and D are states of nature. X, Y, Z and Q are decision alternatives.
1.
A B
10
-9
Y
7
14
-2
2.
A B c
10
-3
-7
Y
-7
13 5
-6
9.
3.

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