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

Solidification of casting, Q. Describe the terms "Solids zone", "Mushy Zone...

Q. Describe the terms "Solids zone", "Mushy Zone" and "Liquid Zone" used in solidification of casting and explain directional solidification in casting. Ans. Solidificati

Ubiquitous networks, Ubiquitous network applications are generally designed...

Ubiquitous network applications are generally designed for a whole network. This notion should be reflected in the way a network is programmed. We believe that providing abstractio

Comparison of fp result with other metods, Comparison of  fp result with o...

Comparison of  fp result with other metods Comparisons of FP results with results from other computational methods for inviscid flows are given. The FP results have been obtain

Financial strategy and operations, Q. A. Microfinance case How would you va...

Q. A. Microfinance case How would you value the price of a Microfinance Institution? Using data available on the net, explain what would you consider the value of SKS (India) or Co

Switching, name the switching schemes used in a digital exchange. how call ...

name the switching schemes used in a digital exchange. how call processing takes place?

Range - Aircraft performance, Safe Operating Range The SOR is the max ...

Safe Operating Range The SOR is the max distance between airfields which the aircraft can fly with full allowance for headwind, diversion, stacking. • Distance flown in climb

Quality assurance and accreditation, how can i link quality assurance and a...

how can i link quality assurance and accreditation with a valid applicaion of my own work?

LTE, WHATIS LTE CODING TECHNIQUES USE FOR MOBILE SYSTEM

WHATIS LTE CODING TECHNIQUES USE FOR MOBILE SYSTEM

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