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

Post graduation, i am doing be in mechanical engg in india. so can i do my ...

i am doing be in mechanical engg in india. so can i do my masters in geoophysic ?

Electronic devices, give a criticalanalysis of a zener diodedata with suita...

give a criticalanalysis of a zener diodedata with suitable chracteristicsand applications

instrumentatiion, can i get block dig of digital frequency meter

can i get block dig of digital frequency meter.

The ideal operational amplifier, THE IDEAL OPERATIONAL AMPLIFIER Althou...

THE IDEAL OPERATIONAL AMPLIFIER Although the characteristics of an ideal operational amplifier are unattainable, modern integrated circuit types can provide an extremely close

Civil engineering structures, I need help for my project report plz. > Prec...

I need help for my project report plz. > Precast concrete panels manufactured in factory environments and rapidly cured using steam are being used for the walls of shallow foundati

Cash Conversion Cycle, The need for working capital to run the day-to-day b...

The need for working capital to run the day-to-day business activities cannot be overemphasized. We will hardly find a business firm which does not require any amount of working ca

AVIATION, CONSTRUCTION, OPERATION, AND MAINTENANCE OF AVIATION METAL PROPEL...

CONSTRUCTION, OPERATION, AND MAINTENANCE OF AVIATION METAL PROPELLER

Evacuation in a hospital - fire protection engineering, Evacuation in a hos...

Evacuation in a hospital - fire protection engineering: An evacuation in a hospital is very unlikely to require anyone to go outside. The buildings are split into numerous fir

Internal rate of return: multiple alternatives, Internal Rate of Return: Mu...

Internal Rate of Return: Multiple Alternatives To compare multiple alternatives using the IRR as measure of economic worth we must use the incremental approach. It is erroneou

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