Using maximax and maximin criteria using the payoff table

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Reference no: EM13990582

The town council is deciding between different options for the use of a parcel of open land next to the library. What is the best decision using the maximax and maximin criteria using the payoff table below?

Decision Town grows Town Shrinks

Zone for business $18,000 $1,000

Sone for residential $9,650 $-5,400

Develop for schools $3,400 $2,900

Extend library $2,200 $2,200

Reference no: EM13990582

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