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

What features of our solar system, Expertsmind.com brings you unique solut...

Expertsmind.com brings you unique solution in physics What features of our solar system provide clues to how it formed? 1- Patterns of motions among large bodies: -

Car parking control system programming, I have to develop a program for car...

I have to develop a program for car parking control system program on assembly language using AT89C51,please help me with it

Transistor configurations, TRANSISTOR CONFIGURATIONS: Before a transist...

TRANSISTOR CONFIGURATIONS: Before a transistor can be used, it must be connected into an input circuit (by two wires) and an output circuit (two wires).  However, because the t

CDMA, In a CDMA system, the signal is spread over a large bandwi...

In a CDMA system, the signal is spread over a large bandwidth by multiplying the transmitted symbol by a sequence of short pulses, also called chips. The

Homework, 1) An investment project requires a net investment of $100,000. T...

1) An investment project requires a net investment of $100,000. The project is expected to generate annual net cash flows of $28,000 for the next 5 years. The firm''''s cost of cap

The impact and post-impact behaviour of composites , The Impact and Post-im...

The Impact and Post-impact Behaviour of Composites  Many early studies involved doing Charpy tests on small notched samples. This is a destructive test of impact resistance, co

Rotating Equipment, #What are the types of pumps used in oil industry? How...

#What are the types of pumps used in oil industry? How to perform fault finding report?

Blow hole and pin hole porosity, Difference between   Blow hole and pin hol...

Difference between   Blow hole and pin hole porosity          Blow hole : They appear as cavities in a casting. When they are visible on the upper surface of the castings, th

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