Amir operates a large lobster boat. The operating cost for the boat is $2,250 each day. At the end of each day, he sells all his freshly caught lobster to either the local restaurant or the local grocery store with the following conditions: • The price per pound that the restaurant is willing to pay follows a triangular distribution with minimum value $1.50, maximum value $5.50, and likeliest value $3.50. The price per pound that the grocery store is willing to pay is decreasing with more lobsters: $3.85 - $0.0005 * y. where y is the total lobster amount sold in pounds. • The amount of lobster that Amir catches in a single day follows a normal distribution with mean 1,500 pounds and standard deviation sqrt(12,500) pounds. Amir decides to sell a fixed percentage of lobster to the local restaurant and the rest to local grocery stores. Using either math or simulation, can you help Amir determine what percentage he should choose in order to maximize his expected profit in the long run? Cs Scanned with CamScanner

Amir operates a large lobster boat. The operating cost for the boat is $2,250 each day. At the end of each day, he sells all his freshly caught lobster to either the local restaurant or the local grocery store with the following conditions: • The price per pound that the restaurant is willing to pay follows a triangular distribution with minimum value $1.50, maximum value $5.50, and likeliest value $3.50. The price per pound that the grocery store is willing to pay is decreasing with more lobsters: $3.85 - $0.0005 * y. where y is the total lobster amount sold in pounds. • The amount of lobster that Amir catches in a single day follows a normal distribution with mean 1,500 pounds and standard deviation sqrt(12,500) pounds. Amir decides to sell a fixed percentage of lobster to the local restaurant and the rest to local grocery stores. Using either math or simulation, can you help Amir determine what percentage he should choose in order to maximize his expected profit in the long run? Cs Scanned with CamScanner

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

Topic Video

Question

Amir operates a large lobster boat. The operating cost for the boat is $2,250 each day. At the end of each day, he sells all
his freshly caught lobster to either the local restaurant or the local grocery store with the following conditions:
The price per pound that the restaurant is willing to pay follows a triangular distribution with minimum value $1.50,
maximum value $5.50, and likeliest value $3.50.
The price per pound that the grocery store is willing to pay is decreasing with more lobsters: $3.85 - $0.0005 * y.
where y is the total lobster amount sold in pounds.
• The amount of lobster that Amir catches in a single day follows a normal distribution with mean 1,500 pounds and
standard deviation sqrt(12,500) pounds.
Amir decides to sell a fixed percentage of lobster to the local restaurant and the rest to local grocery stores. Using either
math or simulation, can you help Amir determine what percentage he should choose in order to maximize his expected profit
in the long run?
CS Scanned with CamScanner

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