he manager of a small grocery store must decide how many loaves of bread to stock each day. The store has never sold less than 11, nor more than 14 loaves. The cost per loaf is R3, and the retail price is R5. At the end of each day, any unsold bread is given away to the street children’s home. Determine the best action without probabilities

he manager of a small grocery store must decide how many loaves of bread to stock each day. The store has never sold less than 11, nor more than 14 loaves. The cost per loaf is R3, and the retail price is R5. At the end of each day, any unsold bread is given away to the street children’s home. Determine the best action without probabilities

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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Question

The manager of a small grocery store must decide how many loaves of bread to stock
each day. The store has never sold less than 11, nor more than 14 loaves. The cost per
loaf is R3, and the retail price is R5. At the end of each day, any unsold bread is given
away to the street children’s home. Determine the best action without probabilities

facing the company is whether or not to prepare a bid.
Draw a decision tree for the above decision situation. Show each decision point and
each chance event. Insert all probability values and financial data.
4. The manager of a small grocery store must decide how many loaves of bread to stock
each day. The store has never sold less than 11, nor more than 14 loaves. The cost per
loaf is R3, and the retail price is R5. At the end of each day, any unsold bread is given
away to the street children's home. Determine the best action without probabilities.
5. Refer to "4" above. The following probabilities of selling bread are known: 0.4, 0.2, 0.3
and 0.1 respectively. Calculate the EV, EOL and EVPI.
6. An art dealer has a client who will buy the masterpiece Rain Delay for $50,000. The
dealer can buy the painting now for $40,000 (making a profit of $10,000). Alternatively,
he can wait one day, when the price will go down to $30,000. The dealer can also wait

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A bag of marbles contains 4 red, 3 blue, 2 green and 1 yellow marble. Half of the red and green marbles are glass, and all of the other marbles are polished stone. What is the probability of selecting: Add the colors together to determine how many marbles are in the bag. This will become the right side of the answer. Determine how many marbles exactly fit the specified criteria to find the left side. Remember to reduce if necessary. A yellow stone marble: ____ : ____ A blue or green stone marble: _____ : _____ Two red marbles in a row without replacement: _____ : _____ Three glass marbles in a row with replacement: _____ : _____
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