age of 12,000 miles per year1 3-30 Even though independent gasoline stations havebeen having a difficult time, Susan Solomon hasbeen thinking about starting her own independentgasoline station. Susan's problem is to decide howlarge her station should be. The annual returns willdepend on both the size of her station and a numberof marketing factors related to the oil industry anddemand for gasoline. After a careful analysis, Susandeveloped the following table:drive an average of 15,000 mchance that she will drive 1evaluating these lease optionkeep her costs as low as pou(a) Develop a payoff (cost)(b) What decision woold Eoptimistic?(c) What decision wouldpessimistic?(d) What decision wouwanted to minimize hevalue)?(e) Calculate the expectestion for this problem.SIZE OFGOODFAIRPOORFIRSTMARKET MARKET MARKETSTATION(S)($)($)Small50,00020,000-10,000Medium30,000-20,000:3-32 Refer to the leasing deci-Problem 3-31. Develop80,000Large100,00030,000-40,000this situation. Which opon the minimax regretwould result in the laVery large300,00025,000-160,000For example, if Susan constructs a small stationand the market is good, she will realize a profit of$50,000.loss?3-33 The game of roulettearound the world. Inwheel has the numberHalf of these slas an(a) Develop a decision table for this decision.(b) What is the maximax decision?(c) What is the maximin decision?(d) What is the equally likely decision?(e) What is the criterion of realism decision? Use ana value of 0.8.black. In the UNed Scally also has thg nunzero), and bothof thslots. Thurh=re ashe wh(f) Develop an opportunity loss table.(g) What is the minimax regret decision?dealer spin우ectthe opposthe wheel Sidwthat is the winnithelease a hybrid car to

a b Using the Maximax criterion, the decision is to open a Very Large Station. c Using the Maximin…

Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gasoline station. Susan's problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Susan developed the following table: SIZE OF GOOD FAIR POOR FIRST MARKET MARKET MARKET STATION (S) ($) ($) Small 50,000 20,000 -10,000 Medium 80,000 30,000 -20,000 Large 100,000 30,000 -40,000 Very large 300,000 25,000 -160,000 For example, if Susan constructs a small station and the market is good, she will realize a profit $50,000. (a) Develop a decision table for this decision. (b) What is the maximax decision? (c) What is the maximin decision? (d) What is the equally likely decision? (e) What is the criterion of realism decision? Use a value of 0.8. (f) Develop an opportunity loss table. (g) What is the minimax regret decision?

Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gasoline station. Susan's problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Susan developed the following table: SIZE OF GOOD FAIR POOR FIRST MARKET MARKET MARKET STATION (S) ($) ($) Small 50,000 20,000 -10,000 Medium 80,000 30,000 -20,000 Large 100,000 30,000 -40,000 Very large 300,000 25,000 -160,000 For example, if Susan constructs a small station and the market is good, she will realize a profit $50,000. (a) Develop a decision table for this decision. (b) What is the maximax decision? (c) What is the maximin decision? (d) What is the equally likely decision? (e) What is the criterion of realism decision? Use a value of 0.8. (f) Develop an opportunity loss table. (g) What is the minimax regret decision?

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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