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

Electro slag welding process, Q. Describe the electro slag welding process....

Q. Describe the electro slag welding process.                                                   OR        Describe electro slag welding process. What are the speci

Method of calculating the thrust forces-engine performance, Method of calcu...

Method of calculating the thrust forces: The thrust forces or gas loads can be calculated for the engine, or for any flow section of the engine, provided that the areas, pressu

Welding, what is causes of submage arc welding

what is causes of submage arc welding

Fire prevention - fire risk assessment, Fire prevention - fire risk assessm...

Fire prevention - fire risk assessment: Fire prevention measures include: Reducing the combustible materials, Reducing the risk of ignition, Reducing

Refrigeration, can liquid reciever determine amount f refrigerant charged i...

can liquid reciever determine amount f refrigerant charged into the system

Petroleum Production.., 1. . Using the graph of pore/fracture pressure for ...

1. . Using the graph of pore/fracture pressure for the Holly Field propose a casing scheme for the well using the graphical approach. Discuss the suitability of the selected casing

Probabilistic analysis - fire risk assessment , Probabilistic analysis - Fi...

Probabilistic analysis - Fire risk assessment: Probabilistic analysis relies on data and data comes from experience.  The broader the experience, the larger the data source an

Y 4 u, Ask questioy 4 men #Minimum 100 words accepted#

Ask questioy 4 men #Minimum 100 words accepted#

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