case1, Other Engineering

Assignment Help:
Flifla sells tomatoes every day in Suk al Marqazi, the downtown fruit and vegetable market. He finds that he can order tomatoes in crates of 25 kg and he is able to stock a maximum of four crates or 100 kg of tomatoes. His experience taught him that the daily demand ranges from 0 to100 kg of tomatoes. Flifla sells tomatoes at 1 dirham/kg. His cost is Dhs 0.70 per kg. Therefore, his profit is Dhs 0.30 per kg of tomatoes sold. For any unsold tomatoes, Flifla can sell them for Dhs 0.50 to a recycling firm that produces tomato paste. Flifla’s objective is to determine the quantity of tomatoes to buy each day to maximize his profits. Answer the following questions.
• Construct a conditional payoff table.
• What is the best decision according to the following criteria?
• Optimistic criterion
• Pessimistic criterion
• Equally likely
• Construct an opportunity loss table.
• What is the Minimax regret?
• Assume the following probability distribution:
Demand: 0 kg, 25 kg, 50 kg, 75 kg, 100 kg.
Probability: 0.05,0.10,0.30,0.35,0.20
What is the best decision according to the Expected Monetary Value?
• What is the best decision according to the Expected Opportunity Loss?
• What is the Expected Value of Perfect Information?

Related Discussions:- case1

Identify the key issues evident at global mining, The atmosphere in the roo...

The atmosphere in the room was tense. Ted Kimoski, Financial Director for Global Mining, had justfinished his presentation. John Campbell, Managing Director, sat quietly making not

Evacuation of a high rise building - means of escape, Evacuation of a high ...

Evacuation of a high rise building - means of escape: Evacuation of a high rise building is likely to be split into two or more phases.  Initially, when the alarm activates (f

External cooling -aircraft engine , External cooling Cooling of the ext...

External cooling Cooling of the external skin of an aero-engine is achieved by suitable design of the aircraft airframe; the layout will depend upon where the engine is fitted

Structural, what is covered un this field?

what is covered un this field?

Lead time, Enumerate possible impact of having inadequate system design in ...

Enumerate possible impact of having inadequate system design in the lead time and engineering cost?

Intake anti-icing of aircraft engine, Intake anti-icing Operations of p...

Intake anti-icing Operations of present day aircraft necessitates flying in all weather conditions plus the fact that high velocity air induced into the intakes means a provisi

Robotics, how to become robotics engneer

how to become robotics engneer

Time-flow diagram, One approach of an intersection with fixed time traffic ...

One approach of an intersection with fixed time traffic signals, vehicles arrive at 500 veh/h on the approach. The cycle time of the intersection is 80 seconds, and the effective g

Linear state space equations, Linear state space equations Linear state...

Linear state space equations Linear state space equations consist of a (difierential) state equation? x = Ax + Bu and an (algebraic) output equation y = Cx + Du whe

Vlsi, how to find out the number of select lines while construcing a mux or...

how to find out the number of select lines while construcing a mux or a demux logic diagram?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd