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

Logic gate-or gate , logic gate-OR gate  Figure shows the symbol that r...

logic gate-OR gate  Figure shows the symbol that represents a 2 input OR gate together with its truth table. This gate will adopt a 1 state at its output terminal when either

Decision table software engineering, Write a decision table that specifies ...

Write a decision table that specifies the rules for the game of checkers.

Survey of manufacturing, Survey of Manufacturing : A usable product is man...

Survey of Manufacturing : A usable product is manufactured in the following sequence. Ore from Earth → Reducing processes → Molten metal → Commercial Castings → Ingots → Furth

patch antenna, how to make patch antenna for wifi applicatoi

how to make patch antenna for wifi applicatoin

Zeroth law of thermodymanics, Explain with the aid of sketch of zeroth law ...

Explain with the aid of sketch of zeroth law of thermodynamics

System architecture and design, The home work is to make an model based sys...

The home work is to make an model based system architecture for an electrical car. in Enterprise Architecture with SysMl language.

1 year engg, state and explain varignons theorem

state and explain varignons theorem

Ignition systems in aircraft engine, IGNITION SYSTEMS The outline of a ...

IGNITION SYSTEMS The outline of a high energy ignition system is illustrated in the figure. Each high energy ignition unit has a low voltage supply which is controlled by the

Providing alternative escape routes, Providing alternative escape routes: ...

Providing alternative escape routes: The first thing to check is if everyone can turn away from the fire and move safely away from it. For this to be the case there will

Thermodynamics, original temp. of plate is 25 degree c.when put in burnace ...

original temp. of plate is 25 degree c.when put in burnace its upper part is 250 c and lower is 100 and mass is 56kg.find out heat transfer

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