Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. 5.pashley package holidays has to decide whether t

5.Pashley Package Holidays has to decide whether to discount its holidays to destinations abroad next summer in...

60.1K

Verified Solution

Question

Statistics

5.Pashley Package Holidays has to decidewhether to discount its holidays to destinations abroad next summerin response to poor consumer confidence in international travelfollowing recent military events. If they do not discount theirprices and consumer confidence in air travel remains low thecompany expects to sell 1300 holidays at a profit of £60 perholiday. However, if they discount their prices and confidenceremains low they expect that they could sell 2500 holidays at aprofit of

£35 per holiday. If they do not discount their prices andconsumer confidence in air travel recovers they could expect tosell 4200 holidays at a profit of £50. If they do discount theirprices and consumer confidence recovers, they could expect to sell5000 holidays at a profit of £20. Recommend which course of actionthe company should take with the aid of:

                                                                                                    (MakePay-off table)

(a) the maximax decision rule

(b) the maximin decision rule

(c) the minimax regret decision rule

(d) the equal likelihood decision rule

Answer & Explanation Solved by verified expert
4.4 Ratings (545 Votes)
Pashley package holidays has to decide weather to discount its holiday to destinations abroad niksoma in response to poor customer confidence in international travel following recent military events If they do not discount    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

When performing a shoulder hand spacing push up versus a closer hand spacing with hands positioned...

Medical Sciences
Q

Look at the following data tables obtained by students who performed the experiment in the past...

Biology
Q

We can roughly model a gymnastic tumbler as a uniform solid cylinder of mass 65.0 kg...

Physics
Q

what is some difference in 3PL warehouse and an Amazon warehouse?

General Management
Q

hmic Question 9 4 4 43 Part 1 of 2 HW Score 44 11 points...

Algebra
Q

14 Find S7 of the sum of the geometric series a1 39366 a7 3232 3...

Algebra
Q

ubtract the polynomials Express your answer in standard form 3a 7 2a 7 3a 7...

Algebra
Q

For the following exercise solve the rational exponent equation Use factoring where necessary x2 32

Algebra
Q

At an interest rate of 14%, approximately how much would you need to invest today...

Accounting
Q

Calculate the cost of goods sold for a merchardiser using the periodic inventory system A)...

Accounting
Q

(Reviewing financial statements) The Following is a scrambled list of accounts from the income statement...

Accounting
Q

Kessel Company purchased a building and land with a fair market value of $525,000 (building,...

Accounting