Project #8707 - Statistics Problem

19.13 the Islander Fishing Company purchases clams for $1.50 per pound from fishermen and sells them to various restaurants for $2.50 per pound. any clams not sold to the restaurants by the end of the week can be sold to a local soup company for $0.50 per pound. the company can pur- chase 500, 1,000, or 2,000 pounds. the probabilities of vari- ous levels of demand are as follows:

Demand (Pounds)      Probability

500                             .2

1,000                          .4

2,000                          .4

 

For Problem 19.13 in Chapter 19, construct a Payoff Table, an Opportunity Loss Table an Expected Monetary Value Table and the Expected Value of Perfect Information calculations and answer.  

Subject Mathematics
Due By (Pacific Time) 07/09/2013 11:00 pm
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