Finite Mathematics
Finite Mathematics
7th Edition
ISBN: 9781337280426
Author: Stefan Waner, Steven Costenoble
Publisher: Cengage Learning
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Chapter 4, Problem 23RE

In Exercises 21–24, solve the game with the given payoff matrix, and give the expected value of the game.

P = [ − 1 − 3 − 2 − 1 3 0 3 3 − 1 ]

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The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars):     State of Nature   Low Demand Medium Demand High Demand Decision Alternative s1 s2 s3 Manufacture, d1 -20 40 100 Purchase, d2 10 45 70   The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. A test market study of the potential demand for the product is expected to report either a favorable (F) or unfavorable (U) condition. The relevant conditional probabilities are as follows: P(F | s1) = 0.10   P(U | s1) = 0.90 P(F | s2) = 0.40   P(U | s2) = 0.60 P(F | s3) = 0.60   P(U | s3) = 0.40       What is the efficiency of the information? If required, round your answer to one decimal place.Efficiency:
The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars):     State of Nature   Low Demand Medium Demand High Demand Decision Alternative s1 s2 s3 Manufacture, d1 -20 40 100 Purchase, d2 10 45 70   The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30.   Use a decision tree to recommend a decision.Recommended decision:  Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand. EVPI: $   A test market study of the potential demand for the product is expected to report either a favorable (F) or unfavorable (U) condition. The relevant conditional probabilities are as follows: P(F | s1) = 0.10   P(U | s1) = 0.90 P(F | s2) = 0.40   P(U | s2) = 0.60 P(F | s3) =…
The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars):     State of Nature   Low Demand Medium Demand High Demand Decision Alternative s1 s2 s3 Manufacture, d1 -20 40 100 Purchase, d2 10 45 70   The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. What is Gorman's optimal decision strategy?Decision strategy:If F then  .If U then  . What is the expected value of the market research information?Expected value: $   What is the efficiency of the information? If required, round your answer to one decimal place.Efficiency:

Chapter 4 Solutions

Finite Mathematics

Ch. 4.1 - In Exercises 110, find the dimensions of the given...Ch. 4.1 - Prob. 2ECh. 4.1 - Prob. 3ECh. 4.1 - Prob. 4ECh. 4.1 - In Exercises 110, find the dimensions of the given...Ch. 4.1 - In Exercises 110, find the dimensions of the given...Ch. 4.1 - Prob. 7ECh. 4.1 - Prob. 8ECh. 4.1 - Prob. 9ECh. 4.1 - In Exercises 110, find the dimensions of the given...
Ch. 4.1 - Solve for x,y,z,andw. [HINT: See Example 1.]...Ch. 4.1 - Prob. 12ECh. 4.1 - In Exercises 1320, evaluate the given expression....Ch. 4.1 - Prob. 14ECh. 4.1 - In Exercises 1320, evaluate the given expression....Ch. 4.1 - Prob. 16ECh. 4.1 - Prob. 17ECh. 4.1 - Prob. 18ECh. 4.1 - Prob. 19ECh. 4.1 - In Exercises 1320, evaluate the given expression....Ch. 4.1 - In Exercises 2128, evaluate the given expression....Ch. 4.1 - Prob. 22ECh. 4.1 - Prob. 23ECh. 4.1 - Prob. 24ECh. 4.1 - In Exercises 2128, evaluate the given expression....Ch. 4.1 - Prob. 26ECh. 4.1 - Prob. 27ECh. 4.1 - In Exercises 2128, evaluate the given expression....Ch. 4.1 - Prob. 29ECh. 4.1 - In Exercises 2936, use technology to evaluate the...Ch. 4.1 - Prob. 31ECh. 4.1 - Prob. 32ECh. 4.1 - Prob. 33ECh. 4.1 - Prob. 34ECh. 4.1 - In Exercises 2936, use technology to evaluate the...Ch. 4.1 - Prob. 36ECh. 4.1 - Prob. 37ECh. 4.1 - Prob. 38ECh. 4.1 - Inventory The Left Coast Bookstore chain has two...Ch. 4.1 - Inventory The Left Coast Bookstore chain discussed...Ch. 4.1 - Profit Annual revenues and production costs at...Ch. 4.1 - Revenue The following spreadsheet gives annual...Ch. 4.1 - Population Movement In 2000 the U.S. population,...Ch. 4.1 - Population Movement In 1990 the U.S. population,...Ch. 4.1 - Foreclosure Crisis Starting in 2010, on the heels...Ch. 4.1 - Foreclosure Crisis Starting in 2010, on the heels...Ch. 4.1 - Prob. 47ECh. 4.1 - Prob. 48ECh. 4.1 - Inventory Microbucks Computer Company makes two...Ch. 4.1 - Inventory Microbucks Computer Company, besides...Ch. 4.1 - Prob. 51ECh. 4.1 - Tourism in the 1990s Referring to the 1998 tourism...Ch. 4.1 - Prob. 53ECh. 4.1 - Prob. 54ECh. 4.1 - Prob. 55ECh. 4.1 - Prob. 56ECh. 4.1 - Prob. 57ECh. 4.1 - Prob. 58ECh. 4.1 - Prob. 59ECh. 4.1 - Prob. 60ECh. 4.1 - Prob. 61ECh. 4.1 - Prob. 62ECh. 4.1 - Prob. 63ECh. 4.1 - Prob. 64ECh. 4.1 - Prob. 65ECh. 4.1 - Prob. 66ECh. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - Prob. 2ECh. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - Prob. 4ECh. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - Prob. 7ECh. 4.2 - Prob. 8ECh. 4.2 - Prob. 9ECh. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - Prob. 11ECh. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - Prob. 13ECh. 4.2 - Prob. 14ECh. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - Prob. 16ECh. 4.2 - Prob. 17ECh. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - Prob. 19ECh. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - Prob. 21ECh. 4.2 - Prob. 22ECh. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - In Exercises 128, compute the products. Some of...Ch. 4.2 - Prob. 26ECh. 4.2 - Prob. 27ECh. 4.2 - Prob. 28ECh. 4.2 - Prob. 29ECh. 4.2 - Repeat Exercises 29 with A=[0201002000020000].Ch. 4.2 - Exercises 3138 should be done in two ways: by hand...Ch. 4.2 - Prob. 32ECh. 4.2 - Prob. 33ECh. 4.2 - Exercises 3138 should be done in two ways: by hand...Ch. 4.2 - Exercises 3138 should be done in two ways: by hand...Ch. 4.2 - Prob. 36ECh. 4.2 - Exercises 3138 should be done in two ways: by hand...Ch. 4.2 - Exercises 3138 should be done in two ways: by hand...Ch. 4.2 - Prob. 39ECh. 4.2 - In Exercises 3944, calculate (a) P2=PP, (b)...Ch. 4.2 - Prob. 41ECh. 4.2 - Prob. 42ECh. 4.2 - Prob. 43ECh. 4.2 - Prob. 44ECh. 4.2 - In Exercises 4548, translate the given matrix...Ch. 4.2 - Prob. 46ECh. 4.2 - Prob. 47ECh. 4.2 - Prob. 48ECh. 4.2 - Prob. 49ECh. 4.2 - In Exercises 4952, translate the given systems of...Ch. 4.2 - Prob. 51ECh. 4.2 - Prob. 52ECh. 4.2 - Prob. 53ECh. 4.2 - Revenue Karen Sandberg, your competitor in...Ch. 4.2 - Real Estate The following table shows the cost of...Ch. 4.2 - Prob. 56ECh. 4.2 - Prob. 57ECh. 4.2 - Prob. 58ECh. 4.2 - Income Exercises 5962 are based on the following...Ch. 4.2 - Income Exercises 5962 are based on the following...Ch. 4.2 - Income Exercises 5962 are based on the following...Ch. 4.2 - Prob. 62ECh. 4.2 - Prob. 63ECh. 4.2 - Prob. 64ECh. 4.2 - Foreclosure Crisis Starting in 2010, on the heels...Ch. 4.2 - Foreclosure Crisis Starting in 2010, on the heels...Ch. 4.2 - Prob. 67ECh. 4.2 - Prob. 68ECh. 4.2 - Prob. 69ECh. 4.2 - Foreclosure Crisis Starting in 2010, on the heels...Ch. 4.2 - Prob. 71ECh. 4.2 - Profits Refer back to Exercise 71. It actually...Ch. 4.2 - Tourism in the 1990s The following table gives the...Ch. 4.2 - Prob. 74ECh. 4.2 - Population Movement In 2008 the population of the...Ch. 4.2 - Prob. 76ECh. 4.2 - Give an example of two matrices A and B such that...Ch. 4.2 - Prob. 78ECh. 4.2 - Prob. 79ECh. 4.2 - Prob. 80ECh. 4.2 - Prob. 81ECh. 4.2 - Prob. 82ECh. 4.2 - Prob. 83ECh. 4.2 - Prob. 84ECh. 4.2 - Prob. 85ECh. 4.2 - Prob. 86ECh. 4.3 - In Exercises 16, determine whether or not the...Ch. 4.3 - Prob. 2ECh. 4.3 - Prob. 3ECh. 4.3 - In Exercises 16, determine whether or not the...Ch. 4.3 - In Exercises 16, determine whether or not the...Ch. 4.3 - Prob. 6ECh. 4.3 - In Exercises 726, use row reduction to find the...Ch. 4.3 - In Exercises 726, use row reduction to find the...Ch. 4.3 - Prob. 9ECh. 4.3 - In Exercises 726, use row reduction to find the...Ch. 4.3 - Prob. 11ECh. 4.3 - In Exercises 726, use row reduction to find the...Ch. 4.3 - Prob. 13ECh. 4.3 - In Exercises 726, use row reduction to find the...Ch. 4.3 - In Exercises 726, use row reduction to find the...Ch. 4.3 - Prob. 16ECh. 4.3 - Prob. 17ECh. 4.3 - Prob. 18ECh. 4.3 - Prob. 19ECh. 4.3 - In Exercises 726, use row reduction to find the...Ch. 4.3 - Prob. 21ECh. 4.3 - Prob. 22ECh. 4.3 - Prob. 23ECh. 4.3 - Prob. 24ECh. 4.3 - In Exercises 726, use row reduction to find the...Ch. 4.3 - Prob. 26ECh. 4.3 - In Exercises 2734, compute the determinant of the...Ch. 4.3 - In Exercises 2734, compute the determinant of the...Ch. 4.3 - Prob. 29ECh. 4.3 - In Exercises 2734, compute the determinant of the...Ch. 4.3 - In Exercises 2734, compute the determinant of the...Ch. 4.3 - Prob. 32ECh. 4.3 - Prob. 33ECh. 4.3 - In Exercises 2734, compute the determinant of the...Ch. 4.3 - In Exercises 3542, use technology to find the...Ch. 4.3 - Prob. 36ECh. 4.3 - Prob. 37ECh. 4.3 - Prob. 38ECh. 4.3 - Prob. 39ECh. 4.3 - In Exercises 3542, use technology to find the...Ch. 4.3 - In Exercises 3542, use technology to find the...Ch. 4.3 - Prob. 42ECh. 4.3 - In Exercises 4348, use matrix inversion to solve...Ch. 4.3 - Prob. 44ECh. 4.3 - In Exercises 4348, use matrix inversion to solve...Ch. 4.3 - Prob. 46ECh. 4.3 - Prob. 47ECh. 4.3 - In Exercises 4348, use matrix inversion to solve...Ch. 4.3 - Prob. 49ECh. 4.3 - In Exercises 49 and 50, use matrix inversion to...Ch. 4.3 - Prob. 51ECh. 4.3 - Some of the following exercises are similar or...Ch. 4.3 - Some of the following exercises are similar or...Ch. 4.3 - Some of the following exercises are similar or...Ch. 4.3 - Investing: Inverse ETFs (Exchange Traded Funds)...Ch. 4.3 - Investing: Inverse ETFs (Exchange Traded Funds)...Ch. 4.3 - Investing: Lesser-Known Stocks Exercises 5758 are...Ch. 4.3 - Prob. 58ECh. 4.3 - Population Movement In 2009 the population of the...Ch. 4.3 - Population Movement Assume that the percentages...Ch. 4.3 - Rotations If a point (x,y) in the plane is rotated...Ch. 4.3 - Prob. 62ECh. 4.3 - Prob. 63ECh. 4.3 - Prob. 64ECh. 4.3 - Encryption Matrices are commonly used to encrypt...Ch. 4.3 - Prob. 66ECh. 4.3 - Prob. 67ECh. 4.3 - Prob. 68ECh. 4.3 - Prob. 69ECh. 4.3 - Prob. 70ECh. 4.3 - Prob. 71ECh. 4.3 - Derive the formula in Exercise 71 using row...Ch. 4.3 - Prob. 73ECh. 4.3 - Prob. 74ECh. 4.3 - Prob. 75ECh. 4.3 - Prob. 76ECh. 4.3 - Prob. 77ECh. 4.3 - Your friend has two square matrices A and B,...Ch. 4.4 - In Exercises 14, calculate the expected payoff of...Ch. 4.4 - In Exercises 14, calculate the expected payoff of...Ch. 4.4 - Prob. 3ECh. 4.4 - Prob. 4ECh. 4.4 - In Exercises 58, either a mixed column or mixed...Ch. 4.4 - In Exercises 58, either a mixed column or mixed...Ch. 4.4 - Prob. 7ECh. 4.4 - In Exercises 58, either a mixed column or mixed...Ch. 4.4 - In Exercises 914, reduce the given payoff matrix...Ch. 4.4 - In Exercises 914, reduce the given payoff matrix...Ch. 4.4 - In Exercises 914, reduce the given payoff matrix...Ch. 4.4 - Prob. 12ECh. 4.4 - In Exercises 914, reduce the given payoff matrix...Ch. 4.4 - Prob. 14ECh. 4.4 - In Exercises 1520, decide whether the game is...Ch. 4.4 - In Exercises 1520, decide whether the game is...Ch. 4.4 - In Exercises 1520, decide whether the game is...Ch. 4.4 - In Exercises 1520, decide whether the game is...Ch. 4.4 - Prob. 19ECh. 4.4 - In Exercises 1520, decide whether the game is...Ch. 4.4 - In Exercises 2124, find (a) the optimal mixed row...Ch. 4.4 - Prob. 22ECh. 4.4 - Prob. 23ECh. 4.4 - Prob. 24ECh. 4.4 - In Exercises 2532, set up the payoff matrix. Games...Ch. 4.4 - In Exercises 2532, set up the payoff matrix. Games...Ch. 4.4 - In Exercises 2532, set up the payoff matrix. War...Ch. 4.4 - In Exercises 2532, set up the payoff matrix. War...Ch. 4.4 - In Exercises 2532, set up the payoff matrix....Ch. 4.4 - In Exercises 2532, set up the payoff matrix....Ch. 4.4 - In Exercises 2532, set up the payoff matrix....Ch. 4.4 - Prob. 32ECh. 4.4 - Prob. 33ECh. 4.4 - More Retail Discount Wars Your Abercrom B mens...Ch. 4.4 - Factory Location22 A manufacturer of electrical...Ch. 4.4 - Crop Choice23 A farmer has a choice of growing...Ch. 4.4 - Study Techniques Your mathematics test is tomorrow...Ch. 4.4 - Prob. 38ECh. 4.4 - Prob. 39ECh. 4.4 - Textbook Writing You are writing a college-level...Ch. 4.4 - Prob. 41ECh. 4.4 - Prob. 42ECh. 4.4 - Wrestling Tournaments City Community College (CCC)...Ch. 4.4 - Wrestling Tournaments (Refer to Exercise 43.) One...Ch. 4.4 - The Battle of Rabaul-Lae25 In the Second World...Ch. 4.4 - Prob. 46ECh. 4.4 - Prob. 47ECh. 4.4 - Prob. 48ECh. 4.4 - Campaign Strategies27 Florida and Ohio are swing...Ch. 4.4 - Campaign Strategies Repeat Exercise 49, this time...Ch. 4.4 - Prob. 51ECh. 4.4 - Prob. 52ECh. 4.4 - Prob. 53ECh. 4.4 - Prob. 54ECh. 4.4 - Prob. 55ECh. 4.4 - Prob. 56ECh. 4.4 - Prob. 57ECh. 4.4 - Prob. 58ECh. 4.5 - Let A be the technology matrix A=[0.20.050.80.01],...Ch. 4.5 - Prob. 2ECh. 4.5 - Each unit of television news requires 0.2 units of...Ch. 4.5 - Production of one unit of cologne requires no...Ch. 4.5 - In Exercises 512, you are given a technology...Ch. 4.5 - In Exercises 512, you are given a technology...Ch. 4.5 - In Exercises 512, you are given a technology...Ch. 4.5 - In Exercises 512, you are given a technology...Ch. 4.5 - Prob. 9ECh. 4.5 - In Exercises 512, you are given a technology...Ch. 4.5 - Prob. 11ECh. 4.5 - In Exercises 512, you are given a technology...Ch. 4.5 - Prob. 13ECh. 4.5 - Prob. 14ECh. 4.5 - Let (IA)1=[0.50.100.21.20.10.10.71.6], and assume...Ch. 4.5 - Prob. 16ECh. 4.5 - In Exercises 17 and 18, obtain the technology...Ch. 4.5 - Prob. 18ECh. 4.5 - Campus Food The two campus cafeterias, the Main...Ch. 4.5 - Plagiarism Two student groups at Enormous State...Ch. 4.5 - Communication Equipment Two sectors of the U.S....Ch. 4.5 - Prob. 22ECh. 4.5 - Australia Economy Two sectors of the Australian...Ch. 4.5 - Prob. 24ECh. 4.5 - Mexico Economy Economists generally divide a...Ch. 4.5 - Prob. 26ECh. 4.5 - Prob. 27ECh. 4.5 - Prob. 28ECh. 4.5 - Mexico Economy Economists generally divide a...Ch. 4.5 - Mexico Economy Economists generally divide a...Ch. 4.5 - Exercises 3134 require the use of technology....Ch. 4.5 - Exercises 3134 require the use of technology....Ch. 4.5 - Prob. 33ECh. 4.5 - Prob. 34ECh. 4.5 - Prob. 35ECh. 4.5 - Can an external demand be met by an economy whose...Ch. 4.5 - Prob. 37ECh. 4.5 - Prob. 38ECh. 4.5 - Prob. 39ECh. 4.5 - Prob. 40ECh. 4.5 - Prob. 41ECh. 4.5 - Prob. 42ECh. 4 - For Exercises 110, let...Ch. 4 - For Exercises 110, let...Ch. 4 - For Exercises 110, let...Ch. 4 - For Exercises 110, let...Ch. 4 - For Exercises 110, let...Ch. 4 - For Exercises 110, let...Ch. 4 - Prob. 7RECh. 4 - Prob. 8RECh. 4 - For Exercises 110, let...Ch. 4 - For Exercises 110, let...Ch. 4 - In Exercises 1116, find the inverse of the given...Ch. 4 - In Exercises 1116, find the inverse of the given...Ch. 4 - In Exercises 1116, find the inverse of the given...Ch. 4 - Prob. 14RECh. 4 - In Exercises 1116, find the inverse of the given...Ch. 4 - In Exercises 1116, find the inverse of the given...Ch. 4 - In Exercises 1720, write the given system of...Ch. 4 - In Exercises 1720, write the given system of...Ch. 4 - In Exercises 1720, write the given system of...Ch. 4 - Prob. 20RECh. 4 - Prob. 21RECh. 4 - Prob. 22RECh. 4 - In Exercises 2124, solve the game with the given...Ch. 4 - Prob. 24RECh. 4 - Prob. 25RECh. 4 - Prob. 26RECh. 4 - In Exercises 2528, find the production vector X...Ch. 4 - Prob. 28RECh. 4 - Prob. 29RECh. 4 - Prob. 30RECh. 4 - Prob. 31RECh. 4 - Prob. 32RECh. 4 - Prob. 33RECh. 4 - Prob. 34RECh. 4 - Prob. 35RECh. 4 - Prob. 36RECh. 4 - Prob. 37RECh. 4 - Prob. 38RECh. 4 - OHaganBooks.com has two main...Ch. 4 - OHaganBooks.com has two main...Ch. 4 - Prob. 41RECh. 4 - OHaganBooks.com has two main...Ch. 4 - Publisher Marjory Duffin reveals that...Ch. 4 - Publisher Marjory Duffin reveals that...Ch. 4 - Prob. 45RECh. 4 - Prob. 46RECh. 4 - Prob. 47RECh. 4 - Prob. 48RECh. 4 - Some of the books sold by OHaganBooks.com are...Ch. 4 - Some of the books sold by OHaganBooks.com are...Ch. 4 - Some of the books sold by OHaganBooks.com are...Ch. 4 - Prob. 52RE
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