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

Mass Balances, Engineers sometimes add chlorine to pipes to disinfect water...

Engineers sometimes add chlorine to pipes to disinfect water. It is desired to achieve four logs of kill. This means that the effluent concentration of microoganisms is 10^-4 times

Mode iii interlaminar fracture toughness , Mode III Interlaminar Fracture T...

Mode III Interlaminar Fracture Toughness  The Mode III interlaminar fracture toughness of a composite can be measured using the split cantilever beam (SCB) geometry. Here, a c

Quantitative finance, A fund manager’s high growth portfolio is made up of ...

A fund manager’s high growth portfolio is made up of 80% (w1) in shares and 20% (w2 ) in bonds. Over the course of year 2010, the returns from each asset class are expected to have

Land surveying, Name and discuss the various uses of levelling in surveying...

Name and discuss the various uses of levelling in surveying

Limitations of the powder metallurgy process, Q. What are the limitations o...

Q. What are the limitations of the powder metallurgy process ? How are some of these overcome ? Ans. Limitations : 1. Dies and equipment costs are high. So, the process

Corporate finance., The firm is considering an investment opportunity. The ...

The firm is considering an investment opportunity. The investment falls in the same class of risk as the firm, the project is financed with equity and debt. Explain all the steps i

#title.plumbing/engineering., #i need help with plumbing/ engineering assig...

#i need help with plumbing/ engineering assignments, from an expert with australian codes, there is any chance,thank you .

Principal of assembly buildings- fire protection engineering, Principal of ...

Principal of Assembly buildings- fire protection engineering: As assembly buildings accommodate members of the public they often accommodate people with disabilities. People

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