For a "Dual minimization problem" with optimal point equal to (x1 = 5, x2 = 1) and best Z = 56, its respective "Primal maximization problem " would have Please choose the option that would best fit the empty space above. O Its respective best Z also equal to 56. Shadow prices equal to 1 (x1) and 5 (x2), respectively. Shadow prices exactly the same as the shadow prices obtained in the Primal problem. Exactly the same optimal point. None of the above
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- You now have 10,000, all of which is invested in a sports team. Each year there is a 60% chance that the value of the team will increase by 60% and a 40% chance that the value of the team will decrease by 60%. Estimate the mean and median value of your investment after 50 years. Explain the large difference between the estimated mean and median.W. L. Brown, a direct marketer of womens clothing, must determine how many telephone operators to schedule during each part of the day. W. L. Brown estimates that the number of phone calls received each hour of a typical eight-hour shift can be described by the probability distribution in the file P10_33.xlsx. Each operator can handle 15 calls per hour and costs the company 20 per hour. Each phone call that is not handled is assumed to cost the company 6 in lost profit. Considering the options of employing 6, 8, 10, 12, 14, or 16 operators, use simulation to determine the number of operators that minimizes the expected hourly cost (labor costs plus lost profits).A common decision is whether a company should buy equipment and produce a product in house or outsource production to another company. If sales volume is high enough, then by producing in house, the savings on unit costs will cover the fixed cost of the equipment. Suppose a company must make such a decision for a four-year time horizon, given the following data. Use simulation to estimate the probability that producing in house is better than outsourcing. If the company outsources production, it will have to purchase the product from the manufacturer for 25 per unit. This unit cost will remain constant for the next four years. The company will sell the product for 42 per unit. This price will remain constant for the next four years. If the company produces the product in house, it must buy a 500,000 machine that is depreciated on a straight-line basis over four years, and its cost of production will be 9 per unit. This unit cost will remain constant for the next four years. The demand in year 1 has a worst case of 10,000 units, a most likely case of 14,000 units, and a best case of 16,000 units. The average annual growth in demand for years 2-4 has a worst case of 7%, a most likely case of 15%, and a best case of 20%. Whatever this annual growth is, it will be the same in each of the years. The tax rate is 35%. Cash flows are discounted at 8% per year.
- Assume the demand for a companys drug Wozac during the current year is 50,000, and assume demand will grow at 5% a year. If the company builds a plant that can produce x units of Wozac per year, it will cost 16x. Each unit of Wozac is sold for 3. Each unit of Wozac produced incurs a variable production cost of 0.20. It costs 0.40 per year to operate a unit of capacity. Determine how large a Wozac plant the company should build to maximize its expected profit over the next 10 years.Suppose that Pizza King and Noble Greek stopadvertising but must determine the price they will chargefor each pizza sold. Pizza King believes that Noble Greek’sprice is a random variable D having the following massfunction: P(D $6) .25, P(D $8) .50, P(D $10) .25. If Pizza King charges a price p1 and NobleGreek charges a price p2, Pizza King will sell 10025( p2 p1) pizzas. It costs Pizza King $4 to make a pizza.Pizza King is considering charging $5, $6, $7, $8, or $9 fora pizza. Use each decision criterion of this section todetermine the price that Pizza King should charge.Martin owns an older home, which requires minor renovations. However, the neighborhood where Martin lives mostly includes newly constructed luxury homes. Why might Martin's home increase in value? Based on the principle of substitution, the value of Martin's house will equal the value of the newly constructed homes in the neighborhood. ○ The value of Martin's home will decrease due to the new competition in the neighborhood. Based on the principle of regression, the newly constructed homes in the neighborhood will increase the home values of the entire neighborhood. Based on the principle of progression, the newly constructed homes in the neighborhood will increase the home values of the entire neighborhood.
- Assume that the payoff table provides cost rather than profit payoffs. What isthe recommended decision using:i. the optimistic approachii. the conservative approachiii. the minimax regret approachiv. the Laplace methodDickie Hustler has $2 and is going to toss an unfair coin(probability .4 of heads) three times. Before each toss, hecan bet any amount of money (up to what he now has). Ifheads comes up, Dickie wins the number of dollars he bets;if tails comes up, he loses the number of dollars he bets.Use dynamic programming to determine a strategy thatmaximizes Dickie’s probability of having at least $5 afterthe third coin toss.A survey was conducted to 12 first time voters on their preferred candidate. The results are: BBM, BBM, LR, IM, PL, PL, IM, IM, BBM, BBM, LR, LR. Which statement is true? The Borda score of PL is two points. BBM wins by plurality method. The Condorcet winner is IM. The modes are LR and IM Which of the following is a property of all linear programming problems? alternate courses of action to choose from minimization of some objectives a computer program usage of graphs in the solution
- 1. How will the price we offer to a group buyer today affect his or her decision to buy from us in the future? 2. If the price is accepted by the group, what impact will that have on the number of room reservation requests for that same night that we will likely be required to refuse to individual buyers because all our rooms have been sold? 3. Does the price consider the specific type of room desired by the group? Does the price consider the probability that this group will: a. Cancel at the last minute? b. No-show? c. Arrive early? d. Stay more than one night? 4. How has the price been influenced by the prices our competitors are likely to quote to the same group? 5. What are the likely secondary sources of revenue (i.e., food and beverage sales, meeting room rentals, and the like) that this group could provide if they accept our price? 6. What, if any, is the hotel's historical relationship with: a group? Other groups of this same type? 7. Has the quoted price been influenced…A local real estate investor in Orlando is considering three alternative investments: a motel, a restaurant, or a theater. Profits from the motel or restaurant will be affected by the availability of gasoline and the number of tourists; profits from the theater will be relatively stable under any conditions. The following payoff table shows the profit or loss that could result from each investment. Based on the Maximax criteria, the investor should choose Investment Motel Restaurant Theater Motel Restaurant O Theater O Any of the three Shortage $-8,000 2,000 6,000 Gasoline Availability Stable Supply $15,000 8,000 6,000 Surplus $20,000 6,000 5,000Player A and B play a game in which each has three coins, a 5p, 10p and a 20p. Each selects a coin without the knowledge of the other’s choice. If the sum of the coins is an odd amount, then A wins B’s coin. But, if the sum is even, then B wins A’s coin. Find the best strategy for each player and the values of the game.