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1. National Bookstore (NBS) needs to decide how many copies of a new hardcover release to purchase for its shelves. The store has assumed that demand will be 50, 100, 150, or 200 copies next month and they need to decide whether to order 50, 100, 150 or 200 books for this period. Each book costs NBS PhP50 and can be sold for PhP85. NBS can sell any unsold books back to their supplier for PhP 15. a. Which option should NBS choose if it uses the maximax criterion? b. Which option should NBS choose if it uses the maximin criterion? c. Which option should NBS choose if it uses the equally likely criterion? d. Which option should NBS choose if it uses the minimax regret criterion? e. Which option should NBS choose if it uses the criterion of realism with coefficient of pessimism = 0.4?

1. National Bookstore (NBS) needs to decide how many copies of a new hardcover release to purchase for its shelves. The store has assumed that demand will be 50, 100, 150, or 200 copies next month and they need to decide whether to order 50, 100, 150 or 200 books for this period. Each book costs NBS PhP50 and can be sold for PhP85. NBS can sell any unsold books back to their supplier for PhP 15. a. Which option should NBS choose if it uses the maximax criterion? b. Which option should NBS choose if it uses the maximin criterion? c. Which option should NBS choose if it uses the equally likely criterion? d. Which option should NBS choose if it uses the minimax regret criterion? e. Which option should NBS choose if it uses the criterion of realism with coefficient of pessimism = 0.4?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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1. National Bookstore (NBS) needs to decide how many copies of a new hardcover release to purchase for its shelves. The store has assumed that demand will be 50, 100, 150, or 200 copies next month and they need to decide whether to order 50, 100, 150 or 200 books for this period. Each book costs NBS PhP50 and can be sold for PhP85. NBS can sell any unsold books back to their supplier for PhP 15. a. Which option should NBS choose if it uses the maximax criterion? b. Which option should NBS choose if it uses the maximin criterion? c. Which option should NBS choose if it uses the equally likely criterion? d. Which option should NBS choose if it uses the minimax regret criterion? e. Which option should NBS choose if it uses the criterion of realism with coefficient of pessimism = 0.4? f. What is the value of the optimism of NBS if it is indifferent in purchasing 100 and 50 books?
Transcribed Image Text:1. National Bookstore (NBS) needs to decide how many copies of a new hardcover release to purchase for its shelves. The store has assumed that demand will be 50, 100, 150, or 200 copies next month and they need to decide whether to order 50, 100, 150 or 200 books for this period. Each book costs NBS PhP50 and can be sold for PhP85. NBS can sell any unsold books back to their supplier for PhP 15. a. Which option should NBS choose if it uses the maximax criterion? b. Which option should NBS choose if it uses the maximin criterion? c. Which option should NBS choose if it uses the equally likely criterion? d. Which option should NBS choose if it uses the minimax regret criterion? e. Which option should NBS choose if it uses the criterion of realism with coefficient of pessimism = 0.4? f. What is the value of the optimism of NBS if it is indifferent in purchasing 100 and 50 books?
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