Choose the best decision maximax and maximin principle

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Reference no: EM1320004

Question: The owner of the Burger Doodle Restaurant is considering two ways to expand operations: open a drive-up window or serve breakfast. The increase in profits resulting from these proposed expan­sions depends on whether a competitor opens a franchise down the street. The possible profits from each expansion in operations, given both future competitive situations, are shown in the fol­lowing payoff table:

Competitor Decision

Open

Not Open

Drive-up window

$ -6,000

$ 20,000

Breakfast

4,000

8,000

Choose the best decision, using the following decision criteria.

[A] Maximax
[B] Maximin

 

Reference no: EM1320004

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