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JC motorcycle rental business leases motorcycle daily for 400 per m/c and rents them out at P650 each.
The results of the business are given below.
no. of m/c rented/day no. of days occurrence
10 10
15 15
20 20
25 25
30 30
Additional Question
e. Find the best action under maximax criterion?
f. Find the best action under maximin criterion?
g. Find the best action under minimax criterion?
Solutions:
Rents each 650 php
lease cost 400
Contribution margin 250 php
Additional Questions
e. Find the best action under maximax criterion?
The largest payoff if JC will have 10, 15, 20, 25, and 30 motorcylces are ₱2,500, ₱3,750, ₱5,000, ₱6,250 and ₱7,500 res
Since the largest of those is ₱7,500, JC would need to have 30 motorcycles.