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1. Suppose a project has two possible outcomes. There is a 40% chance that it brings a profit of 10,000. There is a 60% chance that it brings a profit of 6,400. Suppose a decision makers utility function can be described by U(w)=w^0.5. What is this project's certainty equivalence for this decision maker?
2. A producer in a perfectly competitive industry has a cost function described by TC(q)=1400+4q+0.2q^2. If the market price is 40, what is the profit-maximizing quantity for the producer?
3. A producer in a perfectly competitive industry has a cost function described by TC(q)=1400+4q+0.2q^2. If the market price is 40 and it has already committed to paying the fixed cost, what is the maximum profit for the producer?
evaluate if the manager should make the final choice or if others should be included in the final decision. Support your position.
Therefore, professionals count on decision support tools to obtain the most cost effective routes to protect the market. The travelling salesman problem is one of such tool. Describe the tool with a diagram with minimum 500+ words.
I am Abe Gong. I work at a tech company that does consumer electronics. I am a data scientist. So, I combine software engineering with statistics and math to build better product and make better decisions internally. There are three classic measures ..
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to identify and encourage the discussion of some of the current issues which are affecting businesses especially those
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