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The Red Lobster sells fresh seafood. Red Lobster receives daily shipments of farm-raised fish from a nearby supplier. Each fish cost $2.50 and is sold for $4.00. To maintain its reputation for freshness, at the end of the day Red Lobster sells any leftover fish to a local pet food manufacturer for$1.55 each. The owner of the Red Lobster wants to determine how many fish to order each day. Historically, the daily demand for fish is:
Demand
10
11
12
13
14
15
Probability
0.10
0.15
0.20
0.17
0.23
Construct the payoff table and answer the following:
(C-1) What decision should be made under the optimistic approach?
(C-2) What decision should be made under the min/max regret approach?
(C-3) What decision should be made under the expected value approach?
(C-4) How much should the owner of Red Lobster be willing to pay to obtain a demand forecast that is 100% accurate?
Which of the following would indicate the beginnings of an expansion of the economy? a. Fewer new firms are started. b. Stock market prices decline c. Consumer confidence improves
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Liberalisation and Changing Sectoral Composition of FDI: The latest is the ICT wave that has influenced the global shift in service industries the most. Therefore, these flow
Q. Is Household savings depend on GDP in the cross model? Household savings depends on Y since S H = Y - C - NT and C and NT both rely on Y. How it depends on Y can't be concl
How would I solve and graph this problem C=$1 (trillion)+.80Yd
A firm with a U-shaped average cost curve finds that its revenues exceed its costs when it sets price equal to marginal cost. On which part of its average cost curve is the firm op
give three example of models show endogenous and exogenous varibles
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using the ppf model explain the principles of economics of allocative efficiency
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