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

LTE, WHATIS LTE CODING TECHNIQUES USE FOR MOBILE SYSTEM

WHATIS LTE CODING TECHNIQUES USE FOR MOBILE SYSTEM

Operation research, what is the difference between stepping stone method an...

what is the difference between stepping stone method and the MODI

Aeroengine - linear blade cascade, A blade cascade is a row of evenly space...

A blade cascade is a row of evenly space yp dentical blades. Approximates to a turbomachinery rotor or stator if the radius the annulus is large compared with the bl the annulus is

Power systems, WHY VOLTAGE GENERATED IN MULTIPLES OF 11

WHY VOLTAGE GENERATED IN MULTIPLES OF 11

Direct from engine compressor, Direct from engine compressor: A Load va...

Direct from engine compressor: A Load valve is switched on from the flightdeck, power for the switch is available once the APU has achieved 95% + 3 sec. This energises the swit

Crystal lattice of bcc, Q. Explain crystal lattice of BCC, FCC and HCP. ...

Q. Explain crystal lattice of BCC, FCC and HCP. Ans. (a) BCC (Body centered cubic): Body centered cubic structure, the unit cell, we observe in addition to the atoms at eight

Fiber optics, 1. A very narrow laser beam in air is shone into a sphere of ...

1. A very narrow laser beam in air is shone into a sphere of solid glass that has a uniform refractive index n>1 and radius ? . The beam makes an angle a in air with the normal to

Casting methods, Special Casting Methods             1. Die casting : ...

Special Casting Methods             1. Die casting : Die casting is a permanent mould casting techniques in which molten metal is forced in the mould cavity under a pressure

Tvm, hOW LONG WILL IT TAKE AN AMOUNT TO DOUBLE IF THE INTEREST RATE IS 7% P...

hOW LONG WILL IT TAKE AN AMOUNT TO DOUBLE IF THE INTEREST RATE IS 7% P.A. COMPOUNDED ANNUALLY

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