A certain output is manufactured at $ 8 and sold at $14 p/u. The product is such that if it is produced but not sold during a day's time it becomes worthless. The daily sales records in the past are as follows: Demand p/d No. of days each sales :30 40 50 60 70 level was recorded :24 25 35 21 15

A certain output is manufactured at $ 8 and sold at $14 p/u. The product is such that if it is produced but not sold during a day's time it becomes worthless. The daily sales records in the past are as follows: Demand p/d No. of days each sales :30 40 50 60 70 level was recorded :24 25 35 21 15

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Prepare a pay-off and a regret table.

A certain output is manufactured at $ 8 and sold at $14 p/u. The product is such that if
it is produced but not sold during a day's time it becomes worthless. The daily sales
records in the past are as follows:
Demand p/d
No. of days each sales
:30 40 50 60 70
level was recorded
:24
25 35 21
15

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