SciTools Incorporated, a company that specializes in scientific instruments, has been invited to make a bid on a government contract. The contract calls for a specific number of these instruments to be delivered during the coming year. The bids must be sealed, so that no company knows what the others are bidding, and the low bid wins the contract. SciTools estimates that it will cost $95k to supply the instruments if it wins the contract. The company is deciding to bid against the competitors. On the basis of past contracts of this type, SciTools believes that the competitors' bids are based on the following probabilities and they have created the payoff table as follows. Probability 0.25 0.15 0.6 Competitors' lowest bid is between $115k and $135k between $135k and $155k more than $155k bid 115k (low) bid 135k (medium) bid 155k (high) 20k 20k 20k 40k 40k 60k Note: You may drop 3 zeros of thousand numbers. What is the best decision based on optimistic approach? (Bid Low/Bid Medium/Bid High) What is the best decision based on pessimistic approach? (Bid Low/Bid Medium/Bid High) How much (in thousands) is the average payoff if the company bids low? How much (in thousands) is the average payoff if the company bids medium? How much (in thousands) is the average payoff if the company bids high? What is the best decision based on equal likelihood approach? (Bid Low/Bid Medium/Bid High)

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