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Non-excel solution please. Thank you!SEMINAR 3: PRACTICE PROBLEMS Consider the following payoff table in which Dl through D4 represent decisions, 1 S1 through S4

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Answer #1

Maximax approach:

For D1 -> Max = 100

D2-> Max = 120

D3 -> Max = 40

D4 -> Max = 80

From these values, Maximum is for D2, which is 120.

So the optimal decision would be D2

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