Sh17 XHumber Tech is considering starting either a small, regular, or large tech store inEtobicoke. Depending on their research findings, they may also decide not to open anystore at all. The type of store they open depends on the city's market potential whichmay be high, medium, or low. The potential profits in each case are shown in the payofftable below (in $'000):HighSmall180Regular 340Large 520None0Medium2004501500Low10-90-3900 D8E10a) Construct an opportunity loss (regret) table by completing the following table.SmallRegularLargeNoneHighMediumb)The minimax regret decision is to Select an answerCheck AnswerQuestion Help: Video Message instructorLow

Opportunity loss(regret) = Return on most profitable investment - Return on chosen investment…

Answered: a) Construct an opportunity loss…

a) Construct an opportunity loss (regret) table by completing the following table. Small Regular Large None High Medium b)The minimax regret decision is to Select an answer Low

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Sh17

X
Humber Tech is considering starting either a small, regular, or large tech store in
Etobicoke. Depending on their research findings, they may also decide not to open any
store at all. The type of store they open depends on the city's market potential which
may be high, medium, or low. The potential profits in each case are shown in the payoff
table below (in $'000):
High
Small
180
Regular 340
Large 520
None
0
Medium
200
450
150
0
Low
10
-90
-390
0

D
8
E
10
a) Construct an opportunity loss (regret) table by completing the following table.
Small
Regular
Large
None
High
Medium
b)The minimax regret decision is to Select an answer
Check Answer
Question Help: Video Message instructor
Low

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