18 The operations manager for a local bus company wants to decide whether he should purchase a small,medium, or large new bus for his company. He estimates that the annual profits (in $000) will vary dependingupon whether passenger demand is low, medium, or high, as follows:BusDEMANDLOW504020SmallMediumLargeO smallIf he uses the Laplace criterion, which size bus will he decide to purchase?O either small or mediumO either medium or largeO mediumMEDIUM608050O largeHIGH7090120

The Laplace criterion uses the best payoff average to find the best alternative. Average Payoff =…

Answered: The operations manager for a local bus…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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The operations manager for a local bus company wants to decide whether he should purchase a small, medium, or large new bus for his company. He estimates that the annual profits (in $000) will vary depending upon whether passenger demand is low, medium, or high, as follows: