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2. Set up a payoff matrix for the sales volumes given (assume the machines cannot be modified
and overtime is used), and assume that the probabilities for the five levels of sales are not known.
Then decide which machine should be purchased using the maximax criterion, the maximin
criterion, and the equally likely criterion.

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Given in the problem, there are two machines given which can be considered as a function of x and y and the values... View the full answer

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