la The following payoff table summarises a decision problem: R(D,X) X1 X2 X3 d1 d2 P(X=x¡) 21 28 46 87 38 |-4 0.25 0.45 0.30 Determine the EMV of the best decision when the objective is to maximise the expected utility.
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- A farmer wants to decide which of the three crops he should plant on his 100-acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is shown in the table. If the farmer wishes to plant only one crop, decide which will be his choice using the EQUALLY-LIKELY rule, prove your judgement by comparing the average pay-offs for each crop. (Indicate the equally likely pay-off in each crop, comparison and the right choice).As with other products, Fisher-Price faces the decision of how many Weather Teddy units to order for the comingholiday season. Members of the management team suggested order quantities of 15,000, 18,000, 24,000, or28,000 units. The wide range of order quantities suggested indicates considerable disagreement concerning themarket potential. The product management team asks you for an analysis of the stock-out probabilities forvarious order quantities, an estimate of the profit potential, and to help make an order quantity recommendation.Fisher-Price expects to sell Weather Teddy for $24 based on a cost of $16 per unit. If inventory remains afterthe holiday season, Fisher-Price will sell all surplus inventory for $5 per unit. After reviewing the sales historyof similar products, Fisher-Price’s senior sales forecaster predicted an expected demand of 20,000 units with a.95 probability that demand would be between 10,000 units and 30,000 units. Prepare a managerial report that addresses the…A farmer wants to decide which of the three crops he should plant on his 100-acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is shown in the table. If the farmer wishes to plant only one crop, decide which will be his choice using the EQUALLY-LIKELY rule, prove your judgement by comparing the average pay-offs for each crop. (Indicate the equally-likely pay-off in each crop, comparison and the right choice).
- If the price of a piece of tuperware having capacity X is given by 60X-545, what is the expected price paid by the next customer to buy a piece of tuperware?The Navy uses a certain type of vacuum tube in a sonar scanning device. Based on past experience, the vacuum tube exhibits the following failure pattern: Number of Months of Operation Probability of Failure1 0.12 0.13 0.24 0.15 0.36 0.2 Failures during operation cost $200 each, but the tube can be replaced before failure for $50. Find the optimal replacement strategy.a survey showed that 20 percent of the offereed meals to employees and 15 percent offered meals for the paid extras . which is greater quanity A : the percent that offered to their employees but not the paid extras quanity b: 16 percent.
- Suppose the true inverse demand relation for good X is Qdx = a + bPx + cM + e , and you estimated the parameters to be â = 22, b ˆ = −1.8, σâ = 2.5 , and σb ˆ = 0.7 . Find the approximate 95 percent confidence interval for the true values of a and b.The sales manager of a company has budgeted K120, 000 for an advertising programme for one of the firm’s product. The selected advertising programme consists of running advertisements in two different magazines. The advertisement for magazine 1 costs K2000 per run while the advertisement for magazine 2 costs K.5000 per run. Past experience has indicated that at least 20 runs in magazine 1, and at least 10 runs in magazine 2 are necessary to penetrate the market with any appreciable effect. Also, experience has indicated that there is no reason to make more than 50 runs in either of the two magazines. How many runs in magazine 1 and how many in magazine 2 should be made? Use simplex method.A small college is concerned that their online classes are less successful than their face-to-face classes. To test this claim, the college randomly selects students from their online and face-to-face classes, gathers their average grades, and finds the summary statistics in the table below. Does the information below suggest the online classes are not performing as well as the face-to-face classes at this small college? Assume that the assumptions and conditions for comparing two means have been satisfied, use ?=0.01 . Online Grades Face-to-Face Grades MEAN (?) 75.2 77.8 SD (s) 3.99 4.32 COUNT (n) 27 29
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