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

Mine Surveying.., Question 1 (100 marks) As Surveyor in charge of an underg...

Question 1 (100 marks) As Surveyor in charge of an underground mine you have been instructed to design a tunnel to join a crosscut to a haulage drive. The details of the crosscut a

Damping coefficint of canatrd of aircraft, what will be the methodology to ...

what will be the methodology to calculate pitching moment damping coefficient of canrad of aircraft

Highway maintenance, Various types of Bituminous Course? Explain each

Various types of Bituminous Course? Explain each

Compton''s effect, When a beam of monochromatic x ray is incident on a grap...

When a beam of monochromatic x ray is incident on a graphite block, it get scattered and scattered wavelength is larger than that of the incident radiation wavelength. This scatter

Heat transfer, Q. 1 A 50 cm diameter pipeline in the Arctic Carries hot oil...

Q. 1 A 50 cm diameter pipeline in the Arctic Carries hot oil at 30 0C and exposed to a coefficient surrounding temperature of -20 0C. Special powder insulation 5 cm thick surrounds

Pitot intakes - aircraft maintenance , Pitot intakes: This intake is su...

Pitot intakes: This intake is suitable for subsonic or low supersonic speeds. Examples, 707, 747, A300B, Tristar, etc. The intake is usually short and is very efficient becau

Security Analysis & Portfolio management, ABC Ltd. has an investment opport...

ABC Ltd. has an investment opportunity available which will involve a capital outlay in each of the next 2 years and which will produce benefits during the following 3 years. A sum

Comparator, Comparator A comparator is a device, which compares two inp...

Comparator A comparator is a device, which compares two input voltages and indicates at the output, which of the two is the larger.  Basically, the circuits use a differential

Propeller track, PROPELLER TRACK An out of track propeller will suffer ...

PROPELLER TRACK An out of track propeller will suffer an imbalance caused by the Dynamic and Aerodynamic being out of balance. Propeller track is the path followed by a blad

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