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

Dynamic model of pitching motion , It is instructive to investigate the pit...

It is instructive to investigate the pitching motion caused by a disturbance from trim due to a control surface deflection. We shall assume that the velocity remains constant, and

Corporate Strategy, Corporate Strategy Strategy In our earlier discussion...

Corporate Strategy Strategy In our earlier discussion, we made distinctions between merger and acquisition or takeover. However, they generally involve similar analyses and evalu

Fundamentals of financial management, 4-7 DuPont and Net Income Ebersoll Mi...

4-7 DuPont and Net Income Ebersoll Mining has $6 million in sales, its ROE is 12%, and its total assets turnover is 3.2x. The company is 50% equity financed, and it has no preferr

Engineering signals, Engineering Signals A signal is a variation of a m...

Engineering Signals A signal is a variation of a measurable quantity that conveys information about the behaviour of a system. • A signal can depend upon a single variable o

Coding system, What is the possible problem if there is more than one part ...

What is the possible problem if there is more than one part having the same code?

Financial econometrics, #question.do you write financial econometrics assig...

#question.do you write financial econometrics assignment?.

Heat conduction problem in hollow cylinder, Heat conduction problem in holl...

Heat conduction problem in hollow cylinder There are a lot of researches for calculating the temperature field in various shapes using different boundary and initial cond

Compressibility fluid -aircraft maintenance, Compressibility Fluid: Com...

Compressibility Fluid: Compressible fluid flow refers to the air flow through a gas turbine engine and, because the air is compressible, flow at subsonic speeds causes a change

syed, risks involved in moving from a project-centric mode to a mix of pro...

risks involved in moving from a project-centric mode to a mix of projects and

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