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Q5. The following is a payoff table giving profits for various situations. State of Nature Alternatives...

Q5. The following is a payoff table giving profits for various situations.

State of Nature

Alternatives

A

B

C

Alternative 1

120

140

120

Alternative 2

200

100

50

Alternative 3

100

120

180

Do Nothing

0

0

0

What decision should be made based on the minimax regret criterion?

  1. Alternative 1
  2. Alternative 2
  3. Alternative 3
  4. Do Nothing
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