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

In-plane shear tests for composite materials , The ideal test should provid...

The ideal test should provide a region of pure, uniform shear stress within the test sample. The most simple test is the tension test on the (+/-45°)ns sample, where n is greater

#title.electronic devices., Advantages and dis advantages of a diode in ser...

Advantages and dis advantages of a diode in series /shunt

Probabilistic analysis - fire risk assessment , Probabilistic analysis - Fi...

Probabilistic analysis - Fire risk assessment: Probabilistic analysis relies on data and data comes from experience.  The broader the experience, the larger the data source an

Aerofoil aerodynamics – low speed flows, We now have some idea about what m...

We now have some idea about what models are available to simulate the flow over an aerofoil, and also how to use the Hanley package to apply these methods. Keep referring to you

Electricity generation, Q. The Electricity generation in Florida is 224,750...

Q. The Electricity generation in Florida is 224,750GWh/y. What is the annual generation per capita? Knowing the population of Florida, the electricity generation per capita is 1

Thrust indication - aircraft engine, Thrust indication: Although rpm ga...

Thrust indication: Although rpm gauges give an indication of the rotational speed of the compressor, they do have one drawback. They do not normally indicate the thrust output

Four stroke diesel engine, FOUR STROKE DIESEL ENGINE: T he cycle of ev...

FOUR STROKE DIESEL ENGINE: T he cycle of events that takes place in a four -stroke diesel engine has been shown. Unlike the petrol which drawn in a mixture of air and petrol,

Random number Generation, how to generate random numbers in rectangular reg...

how to generate random numbers in rectangular region?

Defects are likely to result in castings, Q. What kind of defects are likel...

Q. What kind of defects are likely to result in castings due to the following?         (i) Core prints on the core are undersigned.        (ii) Core prints on the core

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