3 points Final exams are almost here and once they are done, it will be time to

Question

3 points Final exams are almost here and once they are done, it will be time to reward myself with a well deserved vacation As a the most important criterion is to find an exotic region that can be visited i strength of the US Dollar against that region's dominant currency Rather than squander my time under each of the possible states of nature This table, which as actual vacation state employee. I haven't seen a raise since well ever. Thus an states of nature that could impact costs in these five areas of interest, and they correspond to the relalive important criterion, in fact doing any actual publishable research, instead I have determined the average cost p should not be construed as actual vacation advice appears below. An pessimistic vacationer would opt for Strong Dollar Middling Dollar Weak Dollar n Europe 54 41 45 37 56 36 Australia Galapagos Islands 6 11a 48 Scandinavia Galapagos islands Australia Eastern Europe None of the above All of the above Luka Madric elogia a la

Explanation / Answer

A pesssimistic vacationer will follow the maximin criteria here. The maximin person looks at the worst that could happen under each action and then choose the action with the largest payoff.

so we will see the Maximum value for each option

so for Eastern europe Maximum = 57

for se asia Maximum = 56

for Australia Maximum = 58

for Galpagos Maximum   = 37

for scandivia Maximum = 48

so here minimum for the maximums values are = 37

so the vacationer shall visit the Galapagos islands.

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