A furniture store would like to lease a number of complete party sets that cost $6.00 per day. They will be able to rent out one set for the price of $20.00 per day. Based on the combined experience...

A furniture store would like to lease a number of complete party sets that cost $6.00 per day. They will be able to rent out one set for the price of $20.00 per day. Based on the combined experience of similar rental firms in other cities, it is recommended that either 41, 42, 43, 44, 45. or 46 complete sets should be rented for the season. Based on this data, management must decide on the most profitable number of complete sets to lease for the season. The following table shows the number of sets leased and the number of days complete sets were rented out based on historical data spanning a total of 5000 days:
N umber of Seats Leased Number of Days Rented
41 250 42 550 43 750 44 $50 45 1,200 46 1.400
Your answers should be accurate to the nearest cent.
a) Develop a payoff table and compute the expected monetary value for each decision.
Decision 41 Sets R.O. 42 Sets R.O. 43 Sets R.O. 44 Sets R.O. 45 Sets R.O. 46 Sets R.O. EMV Lease 41 Sets Lease 42 Sets Lease 43 Sets Lease 44 Sets Lease 45 Sets Lease 46 Sets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0