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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?
What is the difference between the short-run framework and the long-run framework? Discuss how each relates to supply and demand.
when domestic currency becomes more valuable in terms of foreign currency, the domestic currency is said to have
Can i have a guide on a particular macroeconomics assignment? I have totally no idea on how to start it. Please reply and i will show the question.
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Price/Feeder Quantity Demanded Quantity Supplied $300 500 1800 270 600 1700 240 700 1600 210 800 1500 180 1000 1400 150 1100 1300 120 1200 1200 90 1300 1100 60 1400 1000 30 1500 90
1. Estimating Women's Labor Supply a. The following regression was run for an estimate of the current women's labor supply curve: Where h i = hours of labor suppl
Suppose that the economy is characterized by the following behavioral equations: C= 170 + 0.7YD I= 170 G= 150 T= 100 a. What does equilibrium output equal? Y=? b. What d
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