The advertising manager for Roadside Restaurants, Inc., needs to decide whether to spend this month's budget for advertising on print media, television, or a mixture of the two. She estimates that the cost per thousand "hits" (readers or viewers) will vary depending upon the success of the new cable television network she plans to use, as follows:
If she uses the minimax regret criterion, which advertising strategy will she use?
Definitions:
Income
The monetary gain derived from wages, salaries, investments, or other sources over a period of time.
Total Fertility Rate
The average number of children a woman is expected to give birth to during her lifetime, based on current birth rates.
Childbearing Years
The period in an individual's life, typically between puberty and menopause, when they are biologically capable of conceiving and bearing children.
Family Life Cycle
A series of stages through which a family progresses over time, including single adulthood, marriage, parenthood, and retirement.
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