What are the expected payoffs

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Reference no: EM13261955

Howland & Sons Plumbers is considering adding an extra truck to increase the number of customers they can serve. They create a payoff table to weight their options. Determine what choice they should make using the Hurwicz (? = 0.55) and equal likelihood criteria. What are the expected payoffs?

Decision	Increased demand	Steady demand	Falling demand
Extra truck	$8,450	$1,200	-$2,400
No extra truck	$3,950	$3,400	$2,650

Reference no: EM13261955

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