OPR320 HW5

pdf

School

Drexel University *

*We aren’t endorsed by this school

Course

OPR320

Subject

Economics

Date

Feb 20, 2024

Type

pdf

Pages

Uploaded by PorongPororo

OPR-320 Homework 5 Solve each of the following problems at the end of Chapter 5: #4, 14 and 17 (pp. 228-233) 4. a. b. Optimal Objective Value 0.95955

Variable Value Reduced Cost E 0.95955 0.00000 WB 0.17500 0.00000 WC 0.00000 0.04045 WJ 0.57500 0.00000 WN 0.25000 0.00000 WS 0.00000 0.08455 Constraint Slack/Surplus Dual Value 1 0.00000 -0.20000 2 220.00000 0.00000 3 0.00000 0.00364 4 0.00000 0.12273 5 0.00000 -0.00909 6 1.71000 0.00000 7 129.61364 0.00000 c. Yes; E = 0.960 indicates a composite restaurant can produce Clarksville's output with 96% of Clarksville's available resources. d. More Output (Constraint 2 Surplus) $220 more profit per week. Less Input Hours of Operation 110 E = 105.6 hours FTE Staff 22 - 1.71 (Constraint 6 Slack) = 19.41 Supply Expense 1400 E - 129.614 (Constraint 7 Slack) = $1214.39 The composite restaurant uses 4.4 hours less operation time, 2.6 less employees and $185.61 less supplies expense when compared to the Clarksville restaurant. e. wb = 0.175, wj = 0.575, and wn = 0.250. Consider the Bardstown, Jeffersonville, and New Albany restaurants. 14. The row minimums are -15, -10, -25, and 10. The Republican candidate prefers the maximin strategy to obtain a gain of at least 10. The column maximums are 30, 20, 10, and 20. Station B prefers the minimax strategy to limit its maximum loss to no more than 10. The maximum of the row minimums is equal to the minimum of the row maximums. The game has a pure strategy. The Republican candidate goes to South Bend and the Democratic candidate goes to Fort Wayne. The value of the game shows a 10,000 voter increase for the Republican candidate. 17. The payoff table is as follows: GB Packers 4 a 3 b

Run Defense Pass Defense Minimum Chicago Run 2 6 2 Bears Pass 11 -1 -1 Maximum 11 6 The Bears prefer the maximin strategy run to obtain a payoff of at least 2 yards. The Packers prefer the minimax strategy pass defense to limit its maximum loss to no more than 6 yards. However, because the maximum of the row minimums is not equal to the minimum of the row maximums, the game does not have a pure strategy. A mixed-strategy solution with a value of the game between 2 and 6 exists. The linear programming formulation and solution for the Bears is as follows. Max GAINBEARS s.t. Green Bay Strategy 2 PA 1 + 11 PA 2 - GAIN A ≥ 0 (Run Defense) 6 PA 1 - 1 PA 2 - GAIN A ≥ 0 (Pass Defense) PA 1 + PA 2 = 1 Optimal Objective Value 4.25000 Variable Value Reduced Cost PA1 0.75000 0.00000 PA2 0.25000 0.00000 GAINA 4.25000 0.00000 Constraint Slack/Surplus Dual Value 1 0.00000 -0.43750 2 0.00000 -0.56250 3 0.00000 4.25000 The optimal mixed strategy is for the Bears to run with a 0.75 probability and pass with a 0.25 probability. Using the absolute value of the dual values, the optimal mixed strategy for the Packers is to use a run defense with a 0.437 probability and a pass defense with a 0.563 probability. The expected value of the game shows that with the mixed-strategy solution, the Bears average 4.25 yards per play.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

SWOT Analysis.docx

HW10_Market Research_Team-spring 2023.docx

Operations Analysis Final Exam Review Problems.pdf

Econ 402 Winter 2024 Graded Homework 1.docx

practice problems for final exam_5_5.pdf

Screenshot 2024-02-13 at 11.44.36 AM.png

Term Paper Econ.docx

Chapter 8 project.docx

INT 220 Module Three Assignment 3-2 Economic and Political Environments Comparison (1).docx

ECON HW #3 - Copy.docx

Unit 2 Test_ ECO 102.pdf

Unit 1 Test_ Microeconomics - ECO102_1001.pdf

Recommended textbooks for you

Managerial Economics: A Problem Solving Approach

Economics

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Cengage Learning

Managerial Economics: Applications, Strategies an...

Economics

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:Cengage Learning

Microeconomic Theory

Economics

ISBN:9781337517942

Author:NICHOLSON

Publisher:Cengage

Micro Economics For Today

Economics

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Cengage,

Survey Of Economics

Economics

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Cengage,

Economics (MindTap Course List)

Economics

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics: Applications, Strategies an...
Economics
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:Cengage Learning
Microeconomic Theory
Economics
ISBN:9781337517942
Author:NICHOLSON
Publisher:Cengage
Micro Economics For Today
Economics
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Cengage,
Survey Of Economics
Economics
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Cengage,
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning