1 4 the oakland bombers professional basketball team

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4. The Oakland Bombers professional basketball team just missed making the playoffs last season and believes it needs to sign only one very good free agent to make the playoffs next season.The team is considering four players: Barry Byrd, Rayneal O’Neil, Marvin Johnson, andMichael Gordan. Each player differs according to position, ability, and attractiveness to fans.The payoffs (in $1,000,000s) to the team for each player, based on the contract, profits fromattendance, and team product sales for several different season outcomes, are provided in thefollowing table:Determine the best decision, using the following decision criteria.a. Maximaxb. Maximinc. Hurwicz (k= 0.6)d. Equal likelihood2
5. The Loebuck Grocery must decide how many cases of milk to stock each week to meet demand. The probability distribution of demand during a week is shown in the following table:Each case costs the grocer $10 and sells for $12. Unsold cases are sold to a local farmer (whomixes the milk with feed for livestock) for $2 per case. If there is a shortage, the grocer considersthe cost of customer ill will and lost profit to be $4 per case. The grocer must decide how manycases of milk to order each week.a. Construct the payoff table for this decision situation.b. Compute the expected value of each alternative amount of milk that could be stocked and

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