Canoe rentals
John's Canoe Rentals leases canoes each day from a supplier and rents them to customers who use them to float down the Delaware River.Each day,John can lease 10,20,or 30 canoes from his supplier.John assumes daily demand will be either 10,20,or 30 canoes.The payoff table for each lease/demand combination is shown below.
$$\begin{array} { | c | c | c | c | }
\hline \text { PAYoFFE } & & \text { Demand } & \
\hline \text { Altemitives } & \mathbf { 1 0 } & \mathbf { 2 0 } & \mathbf { 3 0 } \
\hline \mathbf { 1 0 } & \$ 140 & \$ 140 & \$ 140 \
\hline \mathbf { 2 0 } & - \$ 20 & \$ 280 & \$ 280 \
\hline 30 & - \$ 180 & \$ 120 & \$ 420 \
\hline
\end{array}$$
-How many canoes should be leased using the minimax regret criterion?

Question

Canoe rentals
John's Canoe Rentals leases canoes each day from a supplier and rents them to customers who use them to float down the Delaware River.Each day,John can lease 10,20,or 30 canoes from his supplier.John assumes daily demand will be either 10,20,or 30 canoes.The payoff table for each lease/demand combination is shown below.
 $$\begin{array} { | c | c | c | c | } 
\hline \text { PAYoFFE } & & \text { Demand } & \
\hline \text { Altemitives } & \mathbf { 1 0 } & \mathbf { 2 0 } & \mathbf { 3 0 } \
\hline \mathbf { 1 0 } & \$ 140 & \$ 140 & \$ 140 \
\hline \mathbf { 2 0 } & - \$ 20 & \$ 280 & \$ 280 \
\hline 30 & - \$ 180 & \$ 120 & \$ 420 \
\hline
\end{array}$$
-How many canoes should be leased using the minimax regret criterion?

Quizplus · Accepted Answer

The Answer of Canoe rentals
John's Canoe Rentals leases canoes each day from a supplier and rents them to customers who use them to float down the Delaware River.Each day,John can lease 10,20,or 30 canoes from his supplier.John assumes daily demand will be either 10,20,or 30 canoes.The payoff table for each lease/demand combination is shown below.
 $$\begin{array} { | c | c | c | c | } 
\hline \text { PAYoFFE } & & \text { Demand } & \
\hline \text { Altemitives } & \mathbf { 1 0 } & \mathbf { 2 0 } & \mathbf { 3 0 } \
\hline \mathbf { 1 0 } & \$ 140 & \$ 140 & \$ 140 \
\hline \mathbf { 2 0 } & - \$ 20 & \$ 280 & \$ 280 \
\hline 30 & - \$ 180 & \$ 120 & \$ 420 \
\hline
\end{array}$$
-How many canoes should be leased using the minimax regret criterion?

Canoe Rentals John's Canoe Rentals Leases Canoes Each Day from a Supplier

Canoe Rentals
John's Canoe Rentals Leases Canoes Each Day from a Supplier