Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
A soap company specializes in a luxury type of bath soap. The sales of this soap fluctuate between two levels-low and high-depending upon two factors: (1) whether they advertise and (2) the advertising and marketing of new products by competitors. The second factor is out of the company's control, but it is trying to determine what its own advertising policy should be. For example, the marketing manager's proposal is to advertise when sales are low but not to advertise when sales are high (a particular policy). Advertising in any quarter of a year has primary impact on sales in the following quarter. At the beginning of each quarter, the needed information is available to forecast accurately whether sales will be low or high that quarter and to decide whether to advertise that quarter. The cost of advertising is $1 million for each quarter of a year in which it is done. When advertising is done during a quarter, the probability of having high sales the next quarter is ½ or ¾ depending upon whether the current quarter's sales are low or high. These probabilities go down to ¼ or ½ when advertising is not done during the current quarter. The company's quarterly profits (excluding advertising costs) are $4 million when sales are high but only $2 million when sales are low. Management now wants to determine the advertising policy that will maximize the company's (long-run) expected average net profit (profit minus advertising costs) per quarter.
(a) Formulate this problem as a Markov decision process by identifying the states and decisions and then finding the Cik.
(b) Identify all the (stationary deterministic) policies. For each one, find the transition matrix and write an expression for the (longrun) expected average net profit per period in terms of the unknown steady-state probabilities
(c) Use your OR Courseware to find these steady-state probabilities for each policy. Then evaluate the expression obtained in part (b) to find the optimal policy by exhaustive enumeration.
if a study had a result of f 2 147 4.56 p 0.003 how many groups were in the study and what was the sample
Given a normally distributed population, a sampling distribution is summarized by mean=50, n=100 and standard deviation=15. what is the probability that a simple random sample will reveal a sample mean
In a survey about satisfaction with local phone service, those respondents who rated their current service as excellent and those who rated it Poor-Very Poor were asked to classify their current local service provider. The results are given in the..
It is the last play of the game and the famous coach's team is on offense. If it makes 5 yards or more, it wins; if not, it loses. Both sides choose Nash equilibrium strategies.
If the top 15% of the test scores are usually good enough for admission to law school, find the cut off score for gaining admission.
Suppose you are designing a generic arithmetic system for dealing with the tower of types shown in figure 2.25. integer, rational, real, complex.
there are two traffic lights working independently on your way home. each light is either red r yellow y or green g
their average cost was 340.00 with standard deviation of 80.00. Dean of students thinks that costs are greater this semester. Determine the test value for this hypothesis.
a sample of 250 observations is selected from a normal population for which the population standard deviation is known
Consider a multinomial experiment involving n = 300 and k = 5 cells. The observed frequencies resulting from the experiment are shown in the accompanying table, and the null hypothesis to be tested is as follows:
In a two-tailed test, with n = 20, the computed value of t is found to be t* = 1.85. Assuming the sample is randomly selected from a normal population, then the p-value is given by:
a new integrated computer system is to be installed worldwide for a major corporation. bids on this project are being
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd