based on the minimax regret criterion?
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A bakery must decide how many pies to prepare for the upcoming
weekend. The bakery has the option to make 50, 100, or 150 pies.
Assume that demand for the pies can be 50, 100, or 150. Each pie
costs $5 to make and sells for $7. Unsold pies are donated to a
nearby charity center. Assume that there is no opportunity cost for
Using the information above, which alternative should be chosen
based on the criterion of realism with alpha = 0.8?
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