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

Fire evacuation - railway inspections, Fire evacuation - Railway inspection...

Fire evacuation - Railway inspections: Fire evacuation signals should be given by voice messages and these must be easily understood by the occupants. The expected populati

Vacuum investment casting , Vacuum Investment Casting : TITANIUM INVEST...

Vacuum Investment Casting : TITANIUM INVESTMENT CASTING uses lost-wax investment tooling to cast intricate shapes in titanium, zirconium and their alloys. A wax pattern is coa

Vertical spread, What are the no-arbitrage lower bound, and the no-arbitrag...

What are the no-arbitrage lower bound, and the no-arbitrage upper bound, of the vertical spread

Digital electronics, Design 2:1 MUX with strobe input using NAND gates

Design 2:1 MUX with strobe input using NAND gates

Hazard in dpsd, obtain the hazard free circuitfor Boolean expression.f=(0,2...

obtain the hazard free circuitfor Boolean expression.f=(0,2,4,5,8,10,14) and also implement the NAND implementation for the circuit

Legal issues and professional ethics in engineering, Write a detailed repor...

Write a detailed report under the theme "Legal Issues and Professional ethics in Engineering". Some of the topics that you can consider, but not limited to them, are as follow:

Mr Rhino, Which range will you select when measuring for 240ohms resistor?

Which range will you select when measuring for 240ohms resistor?

Skeleton pattern, A half skeleton pattern for a hollow pipe is shown. Since...

A half skeleton pattern for a hollow pipe is shown. Since the pipe is symmetrical about the pouring line, the same pattern will serve the purpose of moulding both the halves in two

Lean enterprise, a department manufactures a produt using a kanban system. ...

a department manufactures a produt using a kanban system. data is demand/hr= 30, container size= 5, unit processing time= 1.25 min. find the minimum number of kanban assuming reple

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