Construct a payoff matrix using Excel. Excel must show the formulas to calculate the payoff amounts using the MIN and MAX functions. The matrix should be and have 121 payoff amounts. HINT: The number sold to customers paying $3.95 is the minimum of (1) the quantity ordered and (2) the demand. The number sold to the pet-food manufacturer is the maximum of (1) the quantity ordered minus the demand and (2) zero. The Fish House (TFH) in Norfolk, Virginia, sells fresh fish and seafood. TFH receives daily shipments of farm-raised trout from a nearby supplier. Each trout costs $2.45 and is sold for $3.95. To maintain its reputation for freshness, at the end of the day TFH sells any leftover trout to a local pet food manufacturer for $1.25 each. The owner of TFH wants to determine how many trout to order each day. Historically, the daily demand for trout is summarized in the table below.
I am having trouble constructing the formulas in Excel. Please be aware that there are solutions in Chegg, but not for the formulas needed in Excel. I know whw to write the formulas in Excel to get them.
