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

Spectrum of data pulses, Spectrum of Data Pulses As the waveform period...

Spectrum of Data Pulses As the waveform period increases, the fundamental frequency of the spectrum decreases and the harmonics become more closely spaced. In the limit, as

#title.electronic devices., Advantages and dis advantages of a diode in ser...

Advantages and dis advantages of a diode in series /shunt

Survey, Operations invending in chain survey

Operations invending in chain survey

Capacitive transducers, Capacitive transducers Consider a capacitor con...

Capacitive transducers Consider a capacitor consisting of two parallel conducting plates with an insulator in between. Its capictance is C = ε 0 ε r  A/d where ε

Finance, Derive the functional relationship between the no-arbitrage values...

Derive the functional relationship between the no-arbitrage values of the two vertical spreads.

Heat transfer, A heat recovery device involves transferring energy from hot...

A heat recovery device involves transferring energy from hot flue gases passing counter currently through an annular region to pressurized water flowing through the inner tube of t

Students industrial work experience, Where are the recomended areas or indu...

Where are the recomended areas or industries where an Agricultural Engineering Student can apply for industrial training?

Define the term technology, Question 1 Define the term technology. Write a...

Question 1 Define the term technology. Write a effective short note on evolution and growth of technology Question 2 Citing an example, state and explain the reasons that com

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