24 Jan A car rental agency faces the decision of buying a
A car rental agency faces the decision of buying a fleet of cars, all of which will be the same size. It can purchase a fleet of small cars, medium cars or large cars. The smallest cars are the most fuel efficient and the largest cars are the greatest fuel users. One of the problems for the decision makers is that they do not know whether the price of fuel will increase or decrease in the near future. If the price increases, the small cars are likely to be most popular. If the price decreases, customers may demand the larger cars. Following is a decision table with these decision alternatives, the states of nature, the probabilities, and the payoffs. Use this information to determine the expected monetary value for this problem.
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