Based on the Following Payoff Table, Answer the Following The Maximax Strategy Is:
A) Small

question 48

Multiple Choice

Based on the following payoff table, answer the following:
$$\begin{array} { | l | r | r | } \hline { \text { Alternative } } & { \text { Yes } } & { \text { No } } \\\hline \text { Brmall } & 10 & 30 \\\hline \text { Medium } & 20 & 40 \\\hline \text { Mediurn Large } & 30 & 45 \\\hline \text { Large } & 40 & 35 \\\hline \text { Extra Large } & 60 & 20 \\\hline \text { Prior Probability } & 0.3 & 0.7 \\\hline\end{array}$$
The maximax strategy is:

• A) small.
• B) medium.
• C) medium large.
• D) large.
• E) extra large.

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Definitions:

Bushels

A measure of volume used primarily for agricultural produce, equivalent to approximately 8 gallons in the U.S. system.

Harvest

The process or period of gathering in crops, typically marking the end of a growing season.

Grain

Cereal crops that are harvested for human or animal consumption.

Rats

Rodents known for their adaptability to various environments, often considered pests due to their diet, which can include stored food and their potential to spread diseases.