The town council is deciding between different options for the use of a parcel o

Question

The town council is deciding between different options for the use of a parcel of open land next to the library. Select the best decision using the maximax and maximin criteria using the payoff table below.

Decision                     Town grows         Town shrinks
Zone for business           $18,500                 $1,000
Zone for residential         $9,650                  -$5,400
Develop for schools        $3,400                   $2,900
Extend library                $2,200                   $2,200

Explanation / Answer

Decision                      Town grows          Town shrinks Maximax Maximin Zone for business          $18,500 $1,000 $18,500 $1,000 Zone for residential          $9,650 ($5,400) $9,650 ($5,400) Develop for schools        $3,400 $2,900 $3,400 $2,900 Extend library                 $2,200 $2,200 $2,200 $2,200

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