HELP AND PLEASE ANSWER IN DETAIL FOR ALL PARTS! Please adhere to the Game/Payoff matrix!!! A department store is about to order deluxe, standard, and economy grade DVD players for next year's inventory. The state of the nation's economy (fate) during the year will be a factor on sales for that year. Records over the past 5 years show that if the economy is up, the store will net 4, 2, and 1million dollars, respectively, on sales of deluxe, standard, and economy grade models; if the economy is down, the company will net -2, -1 , and 4 million dollars, respectively, on sales of deluxe, standard, and economy grade models. Complete parts A through D below. A) Set up the payoff matrix for the problem. (With columns being the Economy and The dept. store as rows) B)Find the optimal strategies for both the company and fate (the economy). What is the value of the game? P= (This is the optimal strategy for the row player, the department store) Q=(The optimal strategy for the column player the economy fate) Find v, the value of the game. C) How should the company's budget be allocated to each grade of DVD player to maximize their return irrespective of what the economy does the following year? The company should spend (insert answer here) of their budget on deluxe models, (insert answer here) of their budget on standard models, and (insert answer here) of their budget on economy models. D) What is the expected value of the game to the company if it ordered only deluxe models DVD players and fate plays the strategy ‘down’? If the company plays its optimal strategy and fate plays the stratergy ‘down’? The expected value of the game to the company if it orders only deluxe DVD players and fate plays the ‘down’ strategy is (insert answer here). The expected value of the game if it plays its optimal strategy and fate plays the ‘Down’ strategy us (insert answer)
HELP AND PLEASE ANSWER IN DETAIL FOR ALL PARTS! Please adhere to the Game/Payoff matrix!!!
A department store is about to order deluxe, standard, and economy grade DVD players for next year's inventory. The state of the nation's economy (fate) during the year will be a factor on sales for that year. Records over the past 5 years show that if the economy is up, the store will net 4, 2, and 1million dollars, respectively, on sales of deluxe, standard, and economy grade models; if the economy is down, the company will net -2, -1 , and 4 million dollars, respectively, on sales of deluxe, standard, and economy grade models. Complete parts A through D below.
A) Set up the payoff matrix for the problem. (With columns being the Economy and The dept. store as rows)
B)Find the optimal strategies for both the company and fate (the economy). What is the value of the game?
P= (This is the optimal strategy for the row player, the department store)
Q=(The optimal strategy for the column player the economy fate)
Find v, the value of the game.
C) How should the company's budget be allocated to each grade of DVD player to maximize their return irrespective of what the economy does the following year?
The company should spend (insert answer here) of their budget on deluxe models, (insert answer here) of their budget on standard models, and (insert answer here) of their budget on economy models.
D) What is the expected value of the game to the company if it ordered only deluxe models DVD players and fate plays the strategy ‘down’? If the company plays its optimal strategy and fate plays the stratergy ‘down’?
The expected value of the game to the company if it orders only deluxe DVD players and fate plays the ‘down’ strategy is (insert answer here).
The expected value of the game if it plays its optimal strategy and fate plays the ‘Down’ strategy us (insert answer)
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