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

Sprag clutch - aircraft engine, Sprag Clutch : Sprag clutches are used ...

Sprag Clutch : Sprag clutches are used to provide the disconnect mechanism between the starter motor and the engine. The clutch will transmit drive from the starter motor, but

Dsp, relationship between z plane and s plane in bilinear transformation me...

relationship between z plane and s plane in bilinear transformation method

Electronics, what are basic think to select the bjt as switch

what are basic think to select the bjt as switch

Extractive metallurgy, differences between blast , reverbatory and electric...

differences between blast , reverbatory and electric furnaces

Procedures for starting and ground running of aircraft , Procedures for sta...

Procedures for starting and ground running: Before starting and ground running any gas turbine powered aircraft, several considerations must be taken into account. The first an

Financial management, Explain and identify the different sources of finance...

Explain and identify the different sources of finances which are available to businesses and which sources of finance are internal sources and which are external sources?

Aerodynamics-influence on transition, Influence on transition Reynold...

Influence on transition Reynolds number - relates importance of viscousforces (relative to inertia) Lower Re - molecular diffusion more important; disturbances damped out

Ewing’s molecular theory of magnetism, Ewing’s molecular theory of magnetis...

Ewing’s molecular theory of magnetism   Every molecule of a magnetic substance behaves as a tiny magnet called molecular magnet. In an unmagnetized state the molecular m

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