A company has to decide whether to accept or reject a lot of incoming parts. (Label these actions a\ and a 2 respectively.) The lots are of three types: 8\ (very good), 82 (acceptable), and 83 (bad)....

A company has to decide whether to accept or reject a lot of incoming parts. (Label these actions a\ and a₂respectively.) The lots are of three types: 8\ (very good), 82 (acceptable), and 83 (bad). The loss L(8h aj ) incurred in making the decision is given in the following table.