What will be her decision based on Pessimist criteria? b) What will be her decision based on Optimistic criteria? c) What will be her decision based Laplace criteria
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Sonia is planning to start a new designer cloth shop. Her problem is to decide how large her shop should be.
The annual returns will depend on both the size of her shop and a number of marketing factors related to the
current market conditions and demand for designer wear. After a careful analysis, Sonia came up with the
following table
Size of Shop Good Market (R.O.) Fair Market (R.O.) Poor market (R.O.)
Small Scale 1024 9765 −500
Medium Scale 1500 3000 −2000
Large Scale 2000 3000 −4000
Very Large Scale 3000 5000 −7000
a) What will be her decision based on Pessimist criteria?
b) What will be her decision based on Optimistic criteria?
c) What will be her decision based Laplace criteria?
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