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

Oversampling dac, Also called 1-bit DAC or sigma-delta DAC. It uses pulse-...

Also called 1-bit DAC or sigma-delta DAC. It uses pulse-density modulation (PDM) which encodes the signal amplitude by the relative density of the pulses. The output voltage has on

Turbo shaft engines - aircraft engine , Turbo shaft engines : Gas turbi...

Turbo shaft engines : Gas turbine engines that deliver power through a shaft to operate something other than a propeller are referred to as turboshaft engines. In most cases th

Electron beam welding, The experimental set-up of Electron-beam welding. ...

The experimental set-up of Electron-beam welding. In the electron-beam process, electrons are emitted from the heated filament called the cathode and then focused into a beam wh

Matlab coding, create 22 elements in scalar hint:for loop or any loop state...

create 22 elements in scalar hint:for loop or any loop statement and append to previous variable element by elements

Second order decoupling approximation, The second order (two degree of free...

The second order (two degree of freedom) Dutch-Roll approximation is an approximation to the above fourth order system for the Dutch Roll dynamics. A justification for this is to c

Mechanism for dislocation in plastic deformation, Q. Explain the mechanism ...

Q. Explain the mechanism for dislocation in plastic deformation. Ans.  Stresses are acting on dislocation in a crystal that is known as stress field, due to these stress forc

Sand casting, Sand castings are porous enough and, therefore, cannot be use...

Sand castings are porous enough and, therefore, cannot be used for pressure sight vessels. Structure obtained by sand casting is loose and hence not stranger than wrought products.

electronics and communication, I want to join.Please help me in completing...

I want to join.Please help me in completing the process

Chains of inference, Chains of Inference Now we look at how to get an a...

Chains of Inference Now we look at how to get an agent to verify a given theorem using several search strategies. In previous lectures we have noted that, to specify a search p

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