Henry Co publishes book, and the company is going to publish a children's book. However, the manager has trouble about the launch price. The market consultant has already prepared the following profit table. Price= $10 Price= $15 Price= $18 Probability of demand Strong demand 500,000 650,000 520,000 0.5 Moderate demand 350,000 250,000 100,000 0.3 Weak demand 200,000 70,000 30,000 0.2 (a) On the basis of maximising expected value, advise Henry. (b) Henry is considering employing another market research consultant who will be able to say with certainty, in advance, the strength of sales demand. What is the maximum sum Henry should pay for this information (i.e. what is the value of perfect information)? (c) Based on the maximax criteria, advise Henry. (d) Use minimax regret to advise Henry.