The construction manager for Acme Construction,Inc.must decide whether to build single family homes,apartments,or condominiums.This is not a product-mix problem,but an all-or-nothing decision.He will hire workers and rent equipment appropriate for one action only.He estimates annual profits (in thousands of dollars)will vary with population trends as follows:
a.If he uses the maximin criterion,which type of dwellings will he choose to build? Show your supporting calculations.
b.If he uses the equally likely criterion,which kind of dwellings will he choose to build? Show your supporting calculations.
c.If the construction manager were an optimist,what criterion would he choose? What would be the choice of dwelling for that criterion? Show your supporting calculations.
Definitions:
Public Affairs
The management of relationships between an organization and politicians, governments, or the public to influence public policy or opinion.
Direct Lobbying
Efforts aimed at influencing legislation through direct interaction with legislators or government officials, typically by presenting arguments or data in support of a specific position.
BBC
The British Broadcasting Corporation, a public service broadcaster in the United Kingdom known for providing comprehensive news, entertainment, and educational programming.
Early 1700s
The period in the 18th century, often referred to as the early part of the century, spanning from 1700 to around 1750, marked by significant historical, cultural, and scientific developments.
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