2. You have been hired by the No Flight Golf Company and your first task is to decide whether to market a new golf ball utilizing breakthrough technology and if so, determine the price. The payoff of your decision will be affected by whether your competitor will market similar balls and the price of their golf balls after you go to market. The cost to market the golf balls is PhP80,000. The table below describes the payoffs of each pricing combination, assuming No Flight will have competition. Our Price High Medium Low Competitor's Price High PhP400,000 PhP475,000 PhP350,000 Medium PhP250,000 PhP325,000 PhP250,000 Low PhP25,000 PhP175,000 PhP125,000 a) What should be the pessimism value the company should consider if it is indifferent between pricing the product high and low? b) What pricing strategy should the company follow if it uses the minimax regret criterion? c) What pricing strategy should the company follow if it uses the equally likely criterion? d) What pricing strategy should the company follow if it uses the maximin criterion? e) What pricing strategy should the company follow if it uses the maximax criterion?

2. You have been hired by the No Flight Golf Company and your first task is to decide whether to market a new golf ball utilizing breakthrough technology and if so, determine the price. The payoff of your decision will be affected by whether your competitor will market similar balls and the price of their golf balls after you go to market. The cost to market the golf balls is PhP80,000. The table below describes the payoffs of each pricing combination, assuming No Flight will have competition. Our Price High Medium Low Competitor's Price High PhP400,000 PhP475,000 PhP350,000 Medium PhP250,000 PhP325,000 PhP250,000 Low PhP25,000 PhP175,000 PhP125,000 a) What should be the pessimism value the company should consider if it is indifferent between pricing the product high and low? b) What pricing strategy should the company follow if it uses the minimax regret criterion? c) What pricing strategy should the company follow if it uses the equally likely criterion? d) What pricing strategy should the company follow if it uses the maximin criterion? e) What pricing strategy should the company follow if it uses the maximax criterion?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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