A dealer is offered 5 machines by a company for a total of Rs. 5000/- to be sold at a trade fair. The selling price of a machine is Rs. 2200 each. Unsold machines do not fetch any price. Prepare the payoff matrix and the regret table and decide the optimal actions using the principles of Laplace, Maximax, Maximin, Savage & Hurwicz ( = 0.75)
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A dealer is offered 5 machines by a company for a total of Rs. 5000/- to be sold at a trade fair. The selling price of a machine is Rs. 2200 each. Unsold machines do not fetch any price. Prepare the payoff matrix and the regret table and decide the optimal actions using the principles of Laplace, Maximax, Maximin, Savage & Hurwicz ( = 0.75)
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