13 May HOW MANY PAPERS SHOULD SHAQ ORDER IF HE CHOOSES THE CRITERION OF REALISM WITH ALPHA= 0.45?
Shaq Bryant sells newspapers on Sunday mornings in an area
surrounded by three busy churches. Assume that Shaq’s demand can
either be for 100, 300, or 500 newspapers depending on traffic and
weather. Shaq has the option to order 100, 300, or 500 newspapers
from his supplier. Shaq pays $1.25 for each newspaper he orders and
sells each for $2.50.
a) How many papers should Shaq order if he chooses the maximax
criterion?
b) How many papers should Shaq order if he chooses the maximin
criterion?
c) How many papers should Shaq order if he chooses the equally
likely criterion?
d) How many papers should Shaq order if he chooses the criterion
of realism with alpha= 0.45?
e) How many papers should Shaq order if he chooses the minimax
regret criterion?
Show me the step by step answers using excel, and show the
formulas used in excel to get the answers.
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