The table below shows the strategies and payoffs for firms A and B. (The second number in each cell is firm B's payoff.) What is the dominant strategy for Firm B?Firm ACut PricesDon't CutFirm BCut Prices Don't Cut5,54,76,85,8O Cut pricesO Don't cut pricesO. There is no dominant strategy for Firm BO Firm B will leave its prices unchanged

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Answered: The table below shows the strategies…

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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A furniture factory receives a daily shipment of 50 boards of oak and 60 boards of maple, which they use to make cabinets and tables. Each cabinet uses two oak boards and two maple boards and yields a profit of $80. Each table uses two oak boards and three maple boards and yields a profit of $100. How many cabinets and tables should the factory make daily to maximize profit? Number of cabinets _______ Number of tables _________ max. profit ___________
PROBLEM SOLVING (DECISION THEORY) Example: A farmer wants to decide which of the three crops he should plant on his 100 Acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is show in the table: Rainfall Crop A Crop B Crop C High 8000 3500 5000 Medium 4500 4500 5000 Low 2000 5000 4000 Determine the various criterion from which the final decision has to be made. If the farmer wishes to plant only one crop, decide which will be his choice using the following criterion •Maximax criterion •Maximin criterion •Hurwicz criterion •Laplace criterion
f. A drapper is required to supply two types of shirts type A and type B. The total number of shirts must not be more than 400. He has to supply more of type A than type B. However, the number of type A must not be more than 300 and the number of type B shirts must not be less than 80. Let x be the number of type A shirts and y be the number of type B shirts. If the profits were as follows: Type A Ksh 600 per shirt Type B Ksh 400 per shirt. Formulate a Linear Optimization Model, hence use the graphical method to determine the number of shirts of each type that should be made to maximize the profit.
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4. A manufacturer must decide how many chairs and tables to produce in a given week. It takes 2 hours to construct a chair and 3 hours to construct a table. The finishing process requires 2 hours for each chair and 2 hours for each table. There are 36 work hours available for construction and 28 work hours available for finishing. If the profit is $15 per chair and $25 per table, how many of each should be produced to maximize profit? Define your variables. HO 8 Find the Profit or Objective Function. Construction Find the Constraint equations. Do negatives make sense? 61 y Pt d for chairs for tables ho 21139036 X20 10 12 14 1618002 2 PCXIT ISXH59 The vertices of the feasible region. y 20 finish 2x+2y ≤28 Y= y=-2 3X+12
The Craft Library brews a variety of craft beers in Maboneng and has to decide which one of four potential selling prices to charge for the new caramel lager. The contribution depending on the combination of selling price and demand is shown in the payoff table below: Demand level Selling price R20 R30 R35 R40 Good R70 000 R80 000 R25 000 R40 000 Moderate R40 000 R50 000 R60 000 R30 000 Weak R60 000 R55 000 R30 000 R32 000 If the minimax criterion is applied, determine the price at which Wings Airlines should sell the tickets. A. R35 B. R40 C. R30 D. R20
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